Bridgeforce Creates a Consumer Product Fraud Assessment and Defense Strategy Under Tight Time Constraints
A financial institution sought to expand its business by launching a new consumer product. With an ambitious timetable, the client determined that it needed Bridgeforce expertise to confirm whether its fraud defenses would be effective enough for the new product.
The client needed to quickly develop its new fraud defense strategy and create the inhouse culture of fraud awareness for success.
Bridgeforce deployed a handful of seasoned experts (former fraud, compliance, collections and risk management executives), whose knowledge of consumer fraud surfaced key risk areas the client needed to address, especially around its control and support processes.
Working shoulder-to-shoulder with the client’s Chief Risk Officer, fraud executives, and other business leaders, Bridgeforce developed multiple solutions tailored to the client’s need for a comprehensive, fraud mitigation strategy. The team also collaborated with the client’s senior leadership to develop a change management program that ensured team members learned about, and embraced, the commitment to its new fraud initiatives.
In short order, the Bridgeforce senior team of fraud experts identified critical risk areas and developed multiple solutions to create a comprehensive fraud defense strategy and rollout.
- The client executed multiple fraud strategies that increased customer spend and reduced fraud loss.
- A shorter timeline exceeded industry standards and client expectations.
- The client achieved its desired fraud loss rates upon, and after, launch.
- Upon the close of engagement, Bridgeforce’s team employed a teach-to-fish model, which ensured that client resources were well positioned to protect the investment in its new product offering.
Knowing that the industry standard for establishing an effective fraud operation for a new business line can take more than a year, the client hired Bridgeforce for its seasoned experts and reputation as hands-on, results-driven consultancy known for uncompromising client satisfaction and speed.
Bridgeforce could solidly meet the challenge to:
- Quickly determine key areas of risk and identify feasible solutions
- Manage the organizational change to implement those solutions
- Create an ironclad fraud defense rollout strategy for the new product
- Foster an enduring inhouse culture of fraud awareness for the future