FRAUDAY Newsletter

December 15th, 2023

Product updates to Case Management and Document Handling + a special thank you from all of us at Effectiv!

FRAUDAY Newsletter

December 15th, 2023

Product updates to Case Management and Document Handling + a special thank you from all of us at Effectiv!

FRAUDAY Newsletter
ISSUE #8 | December 15th, 2023

❄️ Holiday Edition 🎄

You’re joined by 600+ fraud and risk professionals receiving curated industry insights, product updates, tips, and announcements directly in your inbox once a month.
New Feature: See Decision Path

We are thrilled to announce the introduction of a new tool included in our case management system called Decision Path Viewer. This tool offers a transparent and comprehensive view of the decision-making process for every case, enabling review teams to gain direct insight into how each case has reached its decision status.

Improved Decision-Making: Case reviewers can see the exact criteria and thresholds that led to a case being flagged. This level of detail helps make more nuanced decisions, especially for edge cases.

Training and Skill Development: For new or less experienced reviewers, observing the decision paths of various cases serves as a valuable learning tool. It helps them understand the intricacies of risk factors and decision criteria used in your system.

Risk Management Efficiency: With a clear view of the decision path, reviewers can quickly pinpoint the risk factors that influenced the outcome. This leads to more efficient case handling, crucial in environments where timely decision-making can prevent fraud or financial losses.

You’ll find this button at the top of any Case View in the Case View Dashboard!

New Update: Document Handling
Document Handling

We’ve made several improvements to how we screen digitally uploaded documents including checks, IDs, business documents and more using Optical Character Recognition (OCR) technology.

View Document Information via OCR: Optical Character Recognition automates the data entry process by converting scanned documents into plain text. This automation reduces the need for manual data entry, saving review teams time transcribing hard-to-read handwriting.

Data Cross-Checking: Effectiv can cross-check document details with various databases to confirm the legitimacy of the account and the signatory, reducing the risk of counterfeit or altered documents.

Reduced Human Error: Automated document handling minimizes human error when screening documents. Unlike manual verification, Effectiv will consistently apply the same level of scrutiny to every document, regardless of past behavior.

You can find any documents associated with a case in the Document Details tab at the top of any case view page!

In The News
💣 Deepfake Digital Identity Fraud Surges Tenfold Although global, the increase in deepfake use was more substantial in North America, where it rose 1740% in 2023 compared with 2022, and in Asia-Pacific (APAC), which saw a 1530% surge over the same period. Read ↗️ 🟠 U.S. Businesses are Looking at a $100 Billion First-Party Fraud Problem It all starts when their customers dispute a legitimate ACH transaction, credit card purchase, or wire transfer. Read ↗️ 🚷 The rising tide of bot attacks: Exploiting identity vulnerabilities In the rapidly evolving landscape of cybersecurity, the prevalence of bot attacks has become a cause for widespread concern. Regardless of an organization’s size or industry, the escalating volume of bots across the internet poses a significant threat. Read ↗️ 🪙 Visa’s Provisioning Intelligence Service Wages War Against $450 Million in Token Fraud The costs are considerable: Visa has estimated that fraud losses reached an estimated $450 million globally in 2022 alone as fraudsters have used the tokens for subsequent transactions. Read ↗️
A note from Effectiv

As the year draws to a close, we want to thank our valued customers, partners, and investors for your support and collaboration over the past year.

The holiday season offers a unique opportunity to reflect on the bonds that unite us and to show care and compassion for others. In that spirit, we all wish you and your loved ones happiness, health, and prosperity in the coming year. May your holiday celebrations be filled with joy and the promise of even greater things ahead!

We look forward with enthusiasm to continuing and strengthening our relationships in 2024 and beyond. Warm wishes to you and yours for a wonderful holiday season and a very happy New Year!

– Ravi, Ritesh, Jonathan, Anupam & the Effectiv Team 💜

High five for making it to the end ✋ See you next time!

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