First National Bank says automating its credit card fraud detection process has boosted efficiency, curtailed losses to fraud and improved productivity and customer service.
The bank`s card division partnered with business process management software provider Staffware in August last year in a bid to tackle fraud.
The project has been so successful that FNB and Staffware were awarded a gold award in the 2004 Global Excellence Award for innovation and excellence in workflow implementations, held in New York last month.
The awards are co-sponsored by the Workflow Management Coalition and the Workflow and Re-engineering International Association.
FNB Card CEO Jan Kleynhans says that FNB Card, as a multibillion-rand business with assets in excess of R5 billion, is a natural target for fraudsters from around the world.
Card fraud - which ranges from stolen and counterfeit cards to identity theft - has also been on the increase as the rand has strengthened, he says.
Previously, the bank had to rely on paper-based reports highlighting suspicious or unusual transactions on customer accounts. The reports listed as many as 20 000 transactions a day, with each having to be checked and cross-reference manually, leading to a low rate of detection and exposing the bank to human errors.
Automation has cut to 4 000 the number of transactions to be checked each day, increasing staff capacity and resulting in greater success in detecting and preventing card fraud.
"The implementation of the Staffware Process Suite has increased capacity within the FNB Card Fraud Department by 33%, providing increased customer service and optimised fraud detection systems," says Kleynhans.
"Through this solution, it is now possible to monitor the quality and quantity of the investigators` daily activities and therefore also accurately determine their overall productivity."
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