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Fraud management strategies of financial institutions 4/30 Aite Lack of robust enterprise-wide case management is the greatest internal cause for concern, with 62% of interviewees indicating it as an important issue. Aite examines the fraud management strategy of US financial institutions today, & how it is expected to evolve over the next 3 years. Based on Aite’s survey of 13 US banks & CUs conducted between 1/08 & 3/08, the report provides a measurement of fraud components & evaluates fraud management system requirements. Institutions displayed a common concern for the ability to achieve enterprise-wide clarity when it came to monitoring fraud. The largest internal cause for concern related to the lack of robust enterprise-wide case management, with 62% considering this an important or extremely important impediment. Enterprise case management tools & enterprise fraud management dashboarding ranked highest in priority for investment in the next 24 months. Enterprise case management was the only area in which ½ of respondents intended to purchase, replace or upgrade their solution, or had recently done so. ‘The results of the survey were indicative of a common need for US financial institutions to have enterprise-wide clarity when it comes to the management of fraud,’ says Nick Holland, Aite. ‘With the evolution of new fraud types, & the ability for criminals to attack institutions remotely & on an unprecedented scale using the Internet & inevitably, mobile, the need for the left hand to know what the right hand is doing has never been more important.’ The report has a ranking of 9 vendors in terms of cost & performance for the specific task of new account opening risk management. The vendors are ChoicePoint, Early Warning Services, eFunds, Equifax, Experian, Fidelity National Information Services, ID Analytics, LexisNexis & TransUnion.