As fraud becomes more complex– and unfortunately, more common – it’s no longer enough for your cyber fraud task force to simply gather details about a single case. They must be able to look at overall patterns within their data to understand what’s happening across your organization. Otherwise, the cost of fraud threats quickly adds up. In the past 12 months, $42 billion has been lost to fraud (PwC).
Fraud case management enables teams to scale their investigations by collecting all of their fraud details in one place—making it easy to analyze, share insights, 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 that’s used to prevent, manage and investigate fraudulent activity. Because of the complexities surrounding fraud, it’s important for the different teams involved to 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 they can take place across a multitude of business tools and software. This makes organization and collaboration key to a successful outcome.
Fraud case management helps teams keep tabs on all the moving parts of an investigation. It allows users to securely collect and store data from various sources—like 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 like emailing multiple stakeholders or searching through hard drives for relevant evidence.
71% of companies expect to experience fraud in the next 12 months (KPMG). Thankfully, fraud case management software can benefit businesses of all sizes. One of its most significant perks is the ability to pull in information from various sources and analyze them together. For example, if a team member uncovers pertinent information from emails sent by an employee suspected of fraud, they can upload them into 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, monitoring, and reporting. This frees up security analysts’ time so that they can strategically address complex, higher-level fraud. Specifically, Swimlane’s fraud case management capabilities help your security operations team in three major ways:
Connects Disjointed Tech Stacks
Swimlane automates the collection of fraud-related data across disparate security tools. Flexible architecture makes it easy for Swimlane to integrate with anything and automate any security workflow, even beyond the SOC.
A System of Record for Security
As evidence is pulled across your tech stack, Swimlane organizes this data with its case management capabilities, becoming a system of record for security – both in and out of the SOC. Having easy to access 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 that your team can investigate and respond in real-time, reducing mean-time-to-resolve (MTTR). There’s no need to wait for updates or lengthy data collection, your team can view activity and evidence immediately.
How it Helps You
Mundane, repetitive tasks take up too much time for SecOps teams. Swimlane’s fraud case management automates these tasks so that investigators can spend more time investigating and less time performing admin functions. Fully-automated reporting across your security tools allows analysts to quickly identify potential fraud and triage threats before they grow.
Low-code security automation enables security teams to speed up investigation and response times. When your team is firing on all cylinders, security metrics speak for themselves – faster MMTD and MTTR, improved dwell time, and higher preparedness 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 Security Bloggers Network syndicated blog from Swimlane (en-US) authored by Ashlyn Eperjesi. Read the original post at: https://www.swimlane.com/blog/fraud-case-management/