As fraud becomes more complex and, unfortunately, more common, it’s no longer enough for your cyber fraud task force to simply collect details about a single case. They need to be able to look at broad patterns within your data to understand what’s going on in your organization. Otherwise, the cost of fraud threats adds up quickly. In the last 12 months, $42 billion has been lost to fraud (PwC).
Fraud Case Management enables teams to scale their investigations by collecting all fraud details in one place, making it easy to analyze, share information and track the status of each case.
What is Fraud Case Management?
First, let’s start with a definition: Fraud Case Management is a process that ensures investigations are conducted quickly, efficiently, and collaboratively. Fraud case management software refers to specially designed software used to prevent, manage and investigate fraudulent activity. Due to the complexities surrounding fraud, it is important that the different teams involved stay on the same page during an investigation.
Fraud cases are often more complicated and costly than other types of investigations. They tend to involve more parties (internal investigators, legal counsel, law enforcement officials) and can take place through a multitude of commercial tools and software. This makes organization and collaboration key to a successful outcome.
Fraud case management helps teams control all the moving parts of an investigation. It allows users to securely collect and store data from various sources, such as emails, reports, and documents, and share that information across departments. These features help fraud teams streamline their processes and reduce time spent on manual tasks, such as emailing multiple stakeholders or searching hard drives for relevant evidence.
71% of businesses expect to experience fraud in the next 12 months (KPMG). Fortunately, fraud case management software can benefit businesses of all sizes. One of its most significant advantages is the ability to extract information from various sources and analyze them together. For example, if a team member discovers pertinent information from emails sent by an employee suspected of fraud, she can upload them to the case management system for documentation.
How Swimlane Fraud Case Management Works
Low-code security automation solutions like Swimlane streamline the fraud investigation process with automated data collection, tracking and reporting. This frees up security analysts’ time so they can strategically address complex, high-level fraud. Specifically, Swimlane’s fraud case management capabilities help your security operations team in three main ways:
Connect unconnected tech stacks
Swimlane automates the collection of fraud-related data in various security tools. The flexible architecture makes it easy for Swimlane to integrate with anything and automate any security workflow, even beyond the SOC.
A registration system for security
As evidence is mined from its technology stack, Swimlane organizes this data with its case management capabilities, becoming a system of record for security both inside and outside the SOC. Having easily accessible evidence streamlines investigation and compliance efforts for your fraud and security teams.
Real-time access to cases
Swimlane’s robust case management provides immediate access to fraud-related details so your team can investigate and respond in real time, reducing mean time to resolution (MTTR). There’s no need to wait for updates or lengthy data collection, your team can see activity and evidence right away.
how it helps you
Mundane and repetitive tasks take up too much time for SecOps teams. Swimlane Fraud Case Management automates these tasks so investigators can spend more time investigating and less time performing administrative functions. Fully automated reporting across all your security tools enables analysts to quickly identify potential fraud and triage threats before they grow.
Low-code security automation enables security teams to speed investigation and response times. When your team is firing on all cylinders, security metrics They speak for themselves: faster MMTD and MTTR, improved dwell time, and higher readiness levels all work to highlight the value of your organization’s security investments.
Ready to empower your security team with fraud case management? book a demo to see Swimlane in action.
*** This is a syndicated Security Bloggers Network blog from Rail (en-US) written by Ashlyn Eperjesi. Read the original post at: https://www.swimlane.com/blog/fraud-case-management/