RS Intelliedge Blog

Effective management of suspicious transaction alerts

Fraud and Risk Management (FRM) platforms work on the principles of classification of a digital payment transaction into confirmed fraud, alerts and safe transactions. Alerts are the ones that need human inspection to confirm whether it is truly a fraud or not. Even though every attempt is made to keep the alerts volume low as it requires manual intervention, it is important to provide features that can help in the manual workflow for inspecting the alerts.

The base version always has the concept of a “default queue” to which all alerts are posted. Risk Analysts access this queue and pick-up alerts to work on them. Once one risk analyst selects an alert instance for inspection, it is removed from the queue to avoid duplication of effort by other risk analysts. An overlay service layer is provided to build categorized queues as per the need of the enterprise where the implementation is done.

When a transaction is alerted, a case is automatically generated (or updated) and appears in Case Management.  All alerts generated for a given payment instrument are grouped together under a single case. All information related to a case are stored in a single, easily accessible location, reducing the time and effort needed to gather information. The workflow ensures that teams can work together more effectively, to resolve cases swiftly, improving resolution time.

A case management system is not complete without the analytics and dashboard features.

Dashboards and reports provide key performance metrics, allowing organizations to track the effectiveness of their fraud management processes and make improvements over time.

Reports aggregate data across multiple cases and identify trends, helping to uncover previously unknown patterns of fraudulent activity. Automated reporting helps streamline the investigation process, reducing manual effort and freeing up time for more critical tasks.These reports are shared with relevant stakeholders, including law enforcement and regulatory agencies, making it easier to coordinate efforts and ensure that all relevant parties have the information they need to make informed decisions.

RS IntelliEdge™ – is designed to cater to this complex orchestration and grouping of the alerts to help improve productivity of the Risk Analysts of the enterprise.



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