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Preventing “Unknown Unknowns” with Manual Review Best Practices

posted on: Mon May 15 2017

The best reason for having an Event Notification System (ENS) incorporated as a best practice in your manual review process? Avoiding the dreaded “unknown unknowns.

“There are known knowns, there are things we know we know. We also know there are known unknowns, that is to say, we know there are some things we do not know. But there are also unknown unknowns, the ones we don’t know we don’t know.” - Donald Rumsfeld, U.S. Secretary of StateUnknowns

Without an Event Notification System (ENS), it’s difficult to know what you don’t know. And that means your reviewers can spend up to 70% (or more!) of their time sifting through an ever-expanding haystack of transactions trying to find the potentially fraudulent “needles” in need of further inspection.

But with an ENS, only suspect transactions worthy of your reviewers time and attention are proactively identified via alerts provided to agents. These alerts can be triggered by a number of pre-defined parameters based on your specific business, geographic operating area, appetite for risk, etc. For example, some common ENS triggers include:

  • Changes to a customer’s email address
  • New credit card account used in a transaction
  • Customer using a different postal address for billing
  • Change in IP address or Device ID

The automatic alerts provided by an ENS deliver a number of productivity and accuracy benefits in the manual review process:

  1. Agents spend more of their time on orders worthy of their attention and don’t waste time on valid transactions
  2. Best-in-class ENS’s assemble suspect orders in a single layout or page to boost agent productivity. For example, agents don’t have to make duplicate “approve” or “cancel” entries in both the Order Management System and the Fraud Prevention System
  3. Agents experience less screen fatigue, which helps improve their accuracy, resulting in reduced fraud and fewer false positives

In fact, when manual reviewers capitalize on the efficiencies provided by ENS – and combine those with the advantages contributed by other best practices for optimizing manual reviews – they see dramatic improvements in key performance metrics. For example, agents are able to review up to twice as many orders and their accuracy improves as much as 75%.

Attend tomorrow's live webinar "How to Become a Manual Review Rockstar" and learn strategies from fraud professionals at Kount and Bodybuilding.com.

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