Chordiant Software, Inc. (Nasdaq: CHRD), the leading provider of Customer Experience (Cx) software and services, today announced the release of an innovative software application that empowers financial institutions to automate fraud investigations and recovery processes while strengthening compliance with association rules.
Chordiant Fraud Manager, created using the innovative Chordiant Mesh collaborative development model, increases the efficiency of investigation representatives and minimises the impact of financial losses by helping card issuers determine the best course of action in fraud cases.
Chordiant Fraud Manager evaluates data in industry-standard fraud detection systems to build cases and determine appropriate next actions. The application recommends the appropriate disposition for each transaction based on industry best practices, specific card-issuer processes, the value of the customer, and association rules. Each transaction can be processed as a chargeback, write-off, or customer-liable. Chordiant Fraud Manager provides case management, a unified workbench, step-by-step guidance, and integration with enterprise back-office and third-party systems to automate back-end processing.
"With fraud attempts reaching record levels, banks continue to see mounting losses from fraud coming at them from all directions," says Henry Ijams, managing director of PayStream Advisors, a Charlotte, North Carolina based financial business process consulting and research firm. "Chordiant is directly attacking the 'front-office' part of this problem, enabling card issuers with agent-based desktop decisioning and automated business process management that takes the guesswork out of investigations and recovery. As card transaction volumes and attendant fraud escalate beyond their capacity, it's a solution that we believe major card issuers truly need."
Chordiant Fraud Manager was developed using Chordiant Mesh. This open, collaborative development model enables Chordiant to work in tandem with customers and partners to develop, customise, and deploy software solutions such as Fraud Manager more rapidly and efficiently than previously possible.
With Chordiant Fraud Manager, global banks and card issuers can significantly reduce fraud losses by improving the productivity of repreesentatives, eliminating exception fees, increasing talk-offs, and lowering write-off thresholds. The Chordiant solution achieves this by enabling customers to:
* Maximise funds recovered with multiple options for each transaction, including full and partial customer-liable disposition, chargeback and write-off, as well as compliance rule filings;
* Automatically apply MasterCard and Visa association rules for each fraud reason code to prevent invalid chargeback and exception fees;
* Reduce investigation time and increase compliance with fraud cases automatically prepared, packaged and prioritised based on risk type;
* Increase productivity and proficiency with dynamic "next best action" recommendations and company-defined, interactive scripts that adjust based on the association rules;
* Eliminate manual tasks with automated back-office processing to close and open accounts, block further transactions, move valid transactions to a new account, issue new cards, generate affidavits and other required documentation, notify the association, and route the case to the appropriate queue;
* Increase efficiency with one-click access from the fraud recovery workbench to enterprise and third-party applications, such as credit verification, phone logs, and address verification systems.
"Once an organisation determines fraud has taken place, Chordiant Fraud Manager provides the most effective way to recover dollars before taking a loss," said Bill Brown, head of card product marketing for Chordiant Software. "This is a powerful solution for ensuring the consistent application of the most effective approach in the recovery of fraud dollars."