What would Columbo want to find fraud?
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Columbo was famous for asking lots of questions. Just when the crook thought he or she was home free, the great detective always said, "Oh, just one more thing." Columbo certainly understood the power of comprehensive research and discovery in ferreting out the full truth.
Police departments worldwide know that more research helps finds more criminals. What's the first thing the police do when they pull a driver over? They run the plates for any outstanding traffic violations and other problems, such as a prior arrest record. In short, they do some research before getting out of the car and talking to the driver. It's a best practice that is followed universally.
The same approach should hold true for investigating a fraudulent alert at a financial institution. An alert is an indication that something is wrong. A system is raising its hand, saying, "Hey, something is not right here!" Too often, however, this is where the investigative process breaks down. Instead of putting out an APB for all fraud related to this alert, an analyst may lack the necessary tools to perform deeper research. The alert is only checked superficially and to continue the metaphor the criminal is left to drive away with a warning.
It's time to demand more from fraud management. It's simple. The ability to combine all kinds of data with the right forensic research tools enables you to find more fraud. Analytsts and investigators can get to the bottom of an alert or case, assembling the full scope of an event across all channels, all accounts, and even all potential perpetrators. Investigations are hard to predict. But without comprehensive research tools that let investigators dig into the details, cases can never be fully resolved with 100% confidence.
What would Columbo do to find fraud? He'd keep asking the data, "Just one more thing . . .