CNP Expo: I’m Good Enough, I’m Smart Enough, and Doggone it, People Like Me
May 20, 2015
“How do I get the good news out about fraud prevention [inside my own company], instead of always being the person who says no? How can I be a PR person for my own department?”
With these questions, moderator Jack Alton, senior vice president of sales at Kount, kicked off a late-afternoon discussion at the CNP Expo about raising your fraud prevention team’s profile within your own organization.
The panel agreed on a few solutions to this problem. First, they recommended reporting your team’s key performance indicators in a ways that are relevant to other departments. Smarter Travel Media’s YingYing Pang commented, “It’s not about saying ‘no,’ it’s about incorporating the cost of fraud into whatever the company is doing. You can compare the estimated commission rate and actual commission rate to show them that cost of fraud. Show how it affects them.”
The panelists also agreed the fraud team needs to show they have their finger on the pulse of the customer experience, which is something that of course other departments want to have a handle on. Robbie Fritts, fraud manager for OpenTable, related a success story in this area: “We started looking for opportunities to say ‘yes,’ and our team was able to use our behavioral analytics to identify the most valuable, low-risk users, so they can fill in fewer data fields at checkout. So instead of just stopping fraudsters, we turned our risk data around to reduce friction for some of our best customers.”
Ultimately, the panelists said, education is key. The fraud team needs to tell its story and keep telling it to the rest of the company. BackCountry.com’s Jamon Whitehead started sending out a weekly report and doing a quarterly demo to showcase studies to leaders in other departments across the company, “so that they can see what we’re doing, explaining our methods and tools. What we do is so nebulous in their eyes, and this gives them a chance to ask questions and learn what it is we do.”