The 3 Stages of Bank Fraud Investigations

The 3 Stages of Bank Fraud Investigations How Your Institution Can Stop Fraud At Stage-1

In the era of Covid-19, and the growing utilization of mobile-banking, financial fraud is on the rise.  It’s costing financial institutions record losses with little end in sight.

However, new technologies promise to stop financial fraud before costly reimbursements are made, which can potentially save financial institutions millions of dollars in losses.

Stage 1 – Fraud Detection

There are many signs of potential bank fraud.  Unfamiliar deposits and withdrawals, unexpected overdrafts and new accounts, new debit or credit cards issued under an existing customer name, etc.  Unfortunately, many of these early warning signs go completely undetected, until it’s too late. The crime has been committed, leading the investigation into Stage 2.

Stage 2 – Investigating the Case

Depending on the scale of the fraud, the investigation team may alert the FBI.  During their investigation, the team will try to determine the source of the fraud, attempt to retrieve lost funds and hope to prevent future infiltrations from that bad actor.

Stage 3 – Reimbursement of Stolen Funds

If during or after the conclusion of the investigation, the team finds the fraud was not committed by the customer, the bank will issue a reimbursement.  Depending on the size of the theft, the bank may be on the hook for millions of dollars.  The bank becomes the victim.

Preventing Financial Fraud at Your Institution at Stage-1 Before Any Costly Investigations and Reimbursements Occur

New real-time, Artificial Intelligence driven tools are now available to banks and FI’s of all sizes.  These AI tools can examine millions of data points, across all sources and channels in real-time.  Even the smallest anomalies can be detected as they occur, in real-time.  Not after the fact.

ToolCASE, an American company out of Denver, CO is responsible  for the world’s most advanced transactional AI systems.  Their simple to use, real-time anti-fraud tools can help banks and FI’s not only detect fraudulent activities before the investigatory phase begins…

But they can prevent them!

The ToolCASE suite of machine learning tools can potentially save your institution millions of dollars in fraud losses.  Their real-time, AI data analytics dashboard can slide seamlessly into your fraud departments tool box, replacing outdated and obsolete detection methods that no longer work.

With ToolCASE, you could have the ability to identify and stop fraudulent transactions before any funds are stolen.

Their enterprise-level advanced AI solutions are scalable and designed specifically for the retail banking and payments industry.  No matter what size financial institution you are, ToolCASE has the right anti-fraud solutions for you.




The 3 Stages of Bank Fraud Investigations How Your Institution Can Stop Fraud At Stage-1
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