How Enterprise Fraud Management Can Help Your Business


Fraudsters are using increasingly sophisticated tactics to steal money and data. These techniques often cross multiple channels, making them challenging for businesses to keep up with and mitigate. Enterprise Fraud Management (EFM) solutions are a valuable tool to help protect business assets, customers and brand reputation from the damaging impacts of fraud.

Implementing Enterprise Fraud Management Solutions

An effective EFM solution offers advanced risk scoring, pattern detection and real-time transaction monitoring. It also includes technology that allows for broad-based capture of data across functional siloes to better process and analyze a wide range of fraud indicators. This makes it ideal for large enterprises that handle significant volume and variety of transactions, including financial services industries like banking, insurance and e-commerce.

The best fraud systems can sift through hundreds of thousands of transactions each minute to spot suspicious patterns that could signal fraudulent activities. They use data from multiple sources, including third parties and social media, to provide a comprehensive picture of what’s happening to an organization’s business and brand. It’s crucial for the system to be able to detect and report anomalies in real time to prevent fraudulent behavior from taking place.

Another important feature is that the system should be able to suggest rules to improve the effectiveness of its detection processes. Be sure to find a solution that has the ability to whitebox its own algorithms, so it can explain why certain rules are being suggested. Look for a flexible pricing model, too, that doesn’t lock you into long-term contracts with extra charges for support or integration.

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