The fraud department remains underrated despite its vital role in protecting a company’s bottom line. Besides reducing any fraud-related losses, they also help safeguard a brand’s reputation. Still, experts from this department find it challenging to communicate their crew’s value.
Yet fraud prevention deals with evolving challenges, a problem that has so far worsened thanks to a persistent global pandemic and its unprecedented effects on eCommerce.
Previous experiences show businesses that do not understand the role of fraud management crews are more likely to target staff from this department when it’s time to lay off part of its workforce.
3 Ways to Demonstrate Your Fraud Team’s Value
So how can these teams demonstrate their relevance and vital role in companies? Below are some insights from industry experts.
1. Numbers don’t lie!
According to Karisse Hendrick from Chargelytics Consulting, it’s vital to understand and demonstrate the actual cost of fraud to a business.
“Learn your key metrics, their effect on your brand’s standing, and the tweaks you can make to improve the situation,” says Hendrick.
Some key numbers to monitor are:
- Loss rate,
- Approval rate,
- Manual review rate
- Insult rate,
“Furthermore, you need to organize regular reports to provide a true picture of the changing situations. Always give up-to-date data revealing your key metrics,” explains Hendrick.
2. Show how your team matters to the business
“One way to spell out your crew’s real value is to focus on the number of attempted attacks the business suffered within a specific period,” says Justin Staskiewicz, Fraud Prevention Lead at Whataburger.
In a nutshell, choose the metrics that best demonstrate potentially dangerous fraud attempts and how much money was at stake.
“Presenting your team as a life rescuer in such situations demonstrates the possible losses minus your input allowing the company to see the real value of your work,” explains Staskiewicz.
3. Set goals that match the company’s objectives
“Always align your team’s goals to the brand’s objectives,” says Kevin Lee, Trust & Safety Architect at Sift.
Is your organization after growth? Well, explain how your department can help the business expand. Or if you are after cutting costs, demonstrate how you plan to protect the company scalably through techniques like automation, etc.
“Whichever your firm’s goals, always highlight your team’s return on investment. Demonstrate everyone’s role so that your seniors can weigh this against other business segments,” explains Lee.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years and understands all payment solutions including Pinwheel payments. He lives simply, gives generously, and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.