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Reasons To Use Fraud Case Management Software

Fraud Prevention: The Case Management Software Advantage

How much time and money do businesses lose to fraud? Recent data found the average organization loses approximately five percent of yearly revenues to fraud. Companies are also on the hook to spend time and effort tracking down the source of corporate fraud, dealing with PR disasters and ensuring that similar fraud doesn’t happen again.

In a world dominated by online transactions, big data and the anonymity of the Internet, it’s getting more difficult for companies to identify potential issues, track down bad actors and resolve potential problems. The solution: Fraud prevention software. Here’s a look at the critical role of case management tools in reducing business fraud.

Getting the Right Data

Data drives fraud investigations. But not all data is created equal — in the age of cloud-based applications and mobile-native users, bad actors will often attempt to obfuscate critical data or lead investigators down the wrong path, wasting both time and resources. Fraud case management software helps collect, analyze and store data from a variety of sources such as emails, physical documents and interview transcripts to help pinpoint which data points are relevant and which are red herrings. In addition, these software solutions provide secure storage of data to prevent deletion or misuse by fraudsters or malicious third parties.

Simply put, fraud prevention software lays the groundwork for active investigations by ensuring you’ve got the right data in the right place.

Improving Collaboration

Preventing fraud is not a one-person job. Even frauds with well-defined starting points, end dates and viable suspects often require collaboration among multiple business branches, various administrators and the help of local law enforcement. Fraud case management software streamlines information sharing across various organizational levels and police agencies to ensure that all investigators have access to the same data and can easily add new information, modify specific data and collaborate to produce actionable results. In addition, streamlined search functions make it easy to locate specific files or compare case versions for ongoing investigations.

Keeping Reliable Records

Compliance is a critical part of fraud investigation. If government agencies and courts of law can’t verify that your company keeps clean and reliable records, it’s possible that fraud evidence may be deemed inadmissible in court, in turn hurting the chances of successful case completion. In addition, a lack of reliable data tracking can lead to the time-consuming creation of duplicate records. Not only do these records waste the time of investigators who could be working on other facets of the case, they hamper collaboration since fraud team members need to determine which record is the duplicate and which is the original.

The ideal fraud case management software leverages built-in duplicate detection to ensure all new and searched records are tied to a single point of origin rather than populating again and again with the same data.

Compiling Actionable Insights

Actionable data solves cases. The result: You need fraud management software that lets investigators add new data anytime, anywhere and from any device. This eliminates lag time between data discovery and entry — for example, if investigators are out of the office and make a critical breakthrough. By empowering mobile connection and access, case management tools ensure that relevant data is added in real time, instead of after the fact.

It’s also worth noting that not every case can be solved. Some simply lack data; others carry minimal impact for your organization. Advanced fraud prevention tools now include “solvability matrix” features that analyze the current status, impact and potential outcome of multiple cases simultaneously — and then provides recommendations on which case offers the greatest chance of success and biggest benefit to your bottom line.

Fraud isn’t going away. And in a mobile-first, data-driven world, it’s possible for frauds to escalate as investigators search for sources and solutions. Take control with fraud case management software — get the right data, improve collaboration, keep better records and empower actionable insight.

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About Column Case Investigative

Focused on the real-world needs of organizations handling investigations, Column Case Investigative is a workflow-driven, web-based case management solution for investigation management. Best practices case management features such as access control, activity tracking, reporting and compliance help your organization be more organized, efficient and profitable in managing investigations.