Fraud losses cost institutions multi-millions every year and it’s a problem which is escalating fast as criminals employ increasingly sophisticated techniques to launch attacks across the enterprise and evade detection.

Today criminals:

attack globally, not locally
are organized and systematic, not random and opportunistic
infiltrate systems as well as people or places
erode profits through persistent high volume-low value attacks

Fraud attempts are not limited to a single product-line or channel – criminals strike at ATMs, branches, point-of-sale, over the internet or via a mobile phone leaving organisations’ siloed defenses open and vulnerable to attack across any channel.

So how do you mitigate against it? Norkom’s multi-channel fraud management solution spans across products, channels and regions to deliver superior detection and investigation of fraud and gives you the intelligence to control your defenses. It provides an end-to-end fraud solution - from advanced detection to investigation, response and recovery - and is built upon Norkom’s unique, configurable financial crime and compliance platform which enables you to evolve your use of our technology as your needs change and new fraud techniques emerge.

Detect

Norkom employs multiple advanced detection techniques to deliver unrivalled accuracy

Norkom’s sophisticated detection analytics are optimized to detect a wide range of fraud including:

Plastic fraud
Applications fraud
Check fraud
Deposit fraud
Sleeper fraud
Electronic banking fraud
Phishing
Internal fraud
Insurance fraud
Account takeover
Identity theft

The solution provides best-in-class fraud detection by uniting the analytical power of specialized techniques including:

Pre-defined fraud detection scenarios
In-depth behavioral and peer group profiling
Unusualness analytics
Predictive modelling
Network analytics

Norkom also applies sophisticated data matching techniques to find otherwise hidden connections in suspected cases across the enterprise, by matching specific data types as well as multi-lingual variations of names.

Norkom's false positive management tools allow you to manage the volume of alerts so that investigation teams are not swamped by low-value alerts. True and false alerts are dynamically cross-referenced and the system automatically suggests modifications to the detection model.

Comprehensive analytics enable precise detection of fraud

Investigate

Information rich, risk-prioritized cases delivered direct to investigators’ desktops

As soon as suspected fraud is detected, a risk-prioritized alert is sent directly to the investigator’s desktop. Immediate loss containment is achieved by pending or blocking the related transaction.

Cases containing multiple related alerts can be routed to specific investigators or specialized teams depending on the level of risk and priority that is automatically assigned. Investigators are then provided with everything they need to know to manage a case from start to finish - from full customer and transaction history through to links with other cases.

Pre-defined reference workflow configurations clearly direct the process making sure that all the necessary steps are taken to ensure fast and comprehensive risk-based investigation. Step by step workflows, with built in check points, escalations, attached documents, advanced searching and approval levels, ensure rigorous case management processes are followed and diary capabilities allow work to be scheduled and time based records to be maintained. Batch, real-time and near-real-time operating environments are also fully supported to suit your individual business processes.

Norkom’s solution drives efficient case management processes to enable swift and effective investigation of fraud across your organisation.

Respond & Recover

Speedy response management ensures fraud losses are limited

Stopping fraud faster dramatically reduces losses. Norkom's multi-channel fraud management solution uses pre-defined workflows and business rules to trigger actions across the business to halt criminal activity within minutes of detection, ensuring losses are contained by taking appropriate prompt action.

When phishing and skimming attacks strike involving a large number of victims, Norkom’s network detection capability provides robust protection. Those affected can be identified and alerted to the danger.

For card fraud, automated point of compromise analysis quickly locates the offending ATM or point of sale device which has illicitly captured card details and stops any further damage. Devices can be deactivated and card limits altered or blocked completely to stem losses when fraud is suspected.

For other fraud types, network analytics can quickly find customers or accounts sharing common characteristics such as name, address, telephone number and can automatically deliver risk-scored relevant results to the investigator to identify organized fraud attacks through otherwise hidden connections.

Command & Control

Delivering dynamic management information to optimize fraud prevention

Understanding the effectiveness of your fraud detection and prevention activities is key to improvement. Norkom provides all levels of the business with immediate access to critical information which is clearly visualized, easy to understand and specifically tailored to their role. This delivers all the information you need, at the click of a button, to understand what is working and what is not.

Desktop dashboards provide role-based key performance indicators and benchmark comparisons as well as business-critical data such as risk profile, loss tracking, alert quality and investigation productivity.

Role relevant dashboards deliver enterprise intelligence

The result? Unusually long investigation time and abnormal alert patterns can be detected, performance can be measured and actions triggered to optimize the fraud management operation. The result is swifter, smarter decision-making by users empowered by enterprise fraud intelligence, putting the organization in control of its fraud risk.

The Benefits

Norkom’s multi-channel fraud management solution provides comprehensive, best in class, enterprise protection against all types of fraud to reduce your financial losses, increase investigator productivity and protect your reputation.

Institutions report substantial improvements, including:

98% improvements in the speed of completion for first level investigations
200% increases in the accuracy of detection rates

Norkom’s solution provides effective end to end management of fraud across your organization – from detection and investigation to response and recovery, delivering the intelligence for you to take command and control of your defenses.

Multi-Channel Fraud