Fighting Fraud Through Better ECM

Headlines these days often point to data security cases such as the breach at Yahoo!, affecting millions of users. But in the financial services industry, including insurance, it’s not just about data theft. It’s about fraud.

As we continue to drive implementations of InfoArchive, there is a very positive use case emerging that I think is worth blogging about – fraud detection. In particular, the ability to search many content types to perform forensics and analysis. This can turn up insider employees siphoning funds, or external parties manipulating processes for financial gain. Either way, the ability to digitize content and leverage it to protect yourself seems an essential skill in our digitally-transforming economy.fraud, data security

How can you get started? Here are three suggestions:

 1 – Capturing Content

Take a look at your current methods for capturing content as it comes into your organization. Are applications filled out online? Is there a bot on your web site asking for information? Are you using webcams and video, or online voice collaboration? Don’t forget to consider how and where smart phones or devices can be leveraged for first point of capture.

Understanding how your stakeholders naturally communicate with your enterprise may turn up new types of content formats. Assessing these for today’s use, then projecting where you expect interactions to grow – say, more voice-collected information – can solidify your requirements. This can help your architects better align recognition, extraction, and classification technologies to fit your fraud detection use case.

2 – Retaining Content

One of many reasons I love the idea of extreme archiving is that the right content is always there when you need it. Nothing is worse than detecting some type of financial fraud, and finding you have no pools of content or history to investigate it and recover damages.

Regulatory compliance will require you retain content long-term, so might as well leverage the same effort for multiple benefits and use cases.

Start by designing a content retention component into your content management strategy. Consider disaster recovery needs and compliance requirements, and the content formats you discovered in step one above.

3 – Searching Content

Perhaps one of the most important considerations for the use case of fraud detection is search and query capabilities. It’s one thing to be smart about what content you can find and save, and quite another to search it quickly when something serious happens. (Just ask Bangladeshi bank officials, who realized only too late they had transferred billions of dollars to hackers).

Consider where your investigators may be physically located, and what types of devices they may use to query your content. Of course, run through multiple scenarios to ensure the right combination of content format, syntax, language and other search nuances are available to aid in their investigation.

Fortunately the financial services sector is already investing in fraud prevention methods. Considering OpenText as part of your fraud detection strategy can deliver a solid ROI on content management solutions, while reusing the capture, retention and search tools you need anyway for managing regulatory compliance.

How are you leveraging OpenText for business benefits such as fraud detection? Share your feedback below.

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OpenText is the leader in Enterprise Information Management (EIM). Our EIM products enable businesses to grow faster, lower operational costs, and reduce information governance and security risks by improving business insight, impact and process speed.

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