Fraud is a type of criminal activity, defined as: 'abuse of position, or false representation, or prejudicing someone's rights'. Put simply, fraud is an act of deception intended for personal gain or to cause a loss to another party.

Fraud does not only have financial implications for organisations but causes reputational damage, lack of customer confidence, loss of business and can take individuals several years to resolve, especially with identify theft and account take-over.

So how can organisations detect and ultimately prevent fraud? Athena recommend that best practise fraud management is a multi-layered approach, balancing customer acceptance with appropriate levels of verification and authentication.

Applying appropriate levels of authentication are critical in the optimisation of fraud management.

With our global experience, Athena can assist organisations in ensuring a robust fraud operating model is in place covering the entire life cycle of fraud management. Whether your organisation requires analytics, guidance on authentication; from device binding to biometrics, Athena can work in partnership with your organisation to optimise fraud management.

Our team of industry fraud experts and analysts can undertake end-to-end diagnostics, covering strategic requirements, operational efficiencies tied together within policies, processes, procedures and governance; all of which protects the business and of course your customer's confidence through a multi-layered approach.

So how can Athena help you?

Health diagnostic check

Health diagnostic delivers an in-depth assessment of the organisation's fraud capability across the defined operating model, utilisation of technology, fraud strategy, fraud operations and analytics. This end-to-end fraud management review uncovers gaps, delivers bespoke recommendations and solutions to address and enhance fraud management requirements.

Spotting application fraud

How robust is your screening process? Fraudsters are always looking for vulnerabilities within organisation's acquisition processes. Whether it is an individual manipulating personal information, for example inflating salary details or omitting an address with adverse credit information, or a third party application being processed under fraudulent intent, it is vital that the organisation has a robust verification process in place. Athena can work in partnership with your fraud team experts, securing your acquisition process by optimising match rule software, developing application fraud scorecards / models, ensuring robust policy and procedures are in place, reducing lengthy manual processes by automating acquisition checks and enhancing the customer's experience.

Transactional fraud optimisation

Organisations now need to have the ability to process millions of transactions and also have the sophistication to identify suspicious activity. With the expansion of new payment channels and the array of mobile devices, managing transactional fraud requires robust data analytics and associated authentication techniques. Whether you are a card issuer, an acquirer, a payment processor, a merchant or payment specialist, Athena can assist you in optimising your transactional programme.

Our fraud experts at Athena have in-depth industry knowledge and practical hands on experience and have worked alongside multiple global card and financial institutions optimising their transactional fraud ability through advanced analytics, enhanced fraud rule generation, ensuring associated governance and robust controls are in place.

Operational alignment

Addressing the strategic requirements of fraud management is only one piece of the fraud management jigsaw. Aligning operational activities, maximising available resource and utilisation of technology is critical for a successful fraud management shop. The timing and medium utilised for your customer contact strategy can make a significant difference to your organisation's financial performance and customer experience. Athena can assist you in optimising your resource staffing model, contact strategy whether via telephone, SMS, e-mail, dialler or a blend of the most appropriate contact mediums.

Interim fraud management

Do you require short term support within your fraud management structure? At Athena we have industry experts that are available to support you and address specific concerns or simply to ease your resource problems.

Get in touch

If you require further information then please contact Ged Lynskey, Managing Director on 01732 447920. E: team@athenacmrsanalytics.com