Fraud Tech Health Check
December 3, 2020
Break from Existing Legacy Systems to Protect You and Your Customers
Dealing with fraud legacy systems means you’re suffering from inertia. You simply cannot capitalize on new technology to support advancing fraud volumes.
When it comes to your technology, we suggest you first understand your key issues. Then assess how your existing infrastructure can (or cannot) meet future needs as outlined within this blog.
Struggling with how to leverage new tech in the face of legacy systems limits your ability to protect yourself and your customers. – Dave Sanders, Bridgeforce Fraud Expert
Layers of Fraud Technology Formed Over Time
Historically, each new fraud attack results in organic growth of new technology. As a result, many organizations, end up with multiple layers of legacy systems that are not scalable or easy to update.
With our clients, we’ve seen firsthand how fraud systems suppress operational flexibility.
For instance, fraud claims systems optimized for agents rely on the agent to identify fraud, process chargebacks and ensure accounting accuracy. So in a stable environment, this setup can be cost-effective.
COVID is anything but stable. Many organizations turned to remote agents and incorporated self-service customer channels, all while dealing with rapid growth.
Consequently, the agent-optimized legacy system described above now requires development: the system doesn’t integrate with self-service and lacks reporting necessary for effective staff management.
The result is angst by the fraud organization to meet the challenge, as well as ineffective operations and increased fraud risk.
Approach Remediation of Legacy Systems with a Long-Term View
Historically, organizations tackled challenges as they surfaced.
Don’t do that.
A short-term focus tends to drive additional complexity and cause future issues.
We recommend first understanding your key issues. Then assess what might work in your existing infrastructure versus what should be considered to meet future needs. This is your fraud tech health check.
For instance, if we consider the example above, the existing system needs to solve for volume, self-service, automation, and the ability to decide if fraud exists. These changes to the system all imply less agent interaction.
Find Your Long-Term View with a Fraud Tech Health Check
We have found the following steps to be necessary to drive success:
- Assess the current state to understand current limitations and what success needs to look like
- Map out the customer and agent experiences to inform and create necessary technology roadmaps
- Define the gaps between the current state and the future state, which defines the requirements to evaluate technology solutions
- Implement the solution to capture your expected goals with assessments along the way
- Manage the solution or solution provider to drive long-term success
We recently helped a client define, test and successfully implement automated bots. The bots mimic human behavior in a fraud infrastructure that was optimized for manual fraud processing. So, at the project’s end, the client realized a one-time cost savings of $750K in increased chargebacks on a $1.5M backlog; and $400K on an ongoing basis. – Dave Sanders, Bridgeforce Fraud Expert
Bridgeforce will Help you Meet the Challenge of Upgrading—or Implementing New—Fraud Technology
We have delivered customized assessments and prioritized enhancement plans so that our clients begin improving their fraud operations immediately. We’ve evaluated new capabilities in our clients’ existing infrastructures, and then developed—and implemented—technology roadmaps that protect our client and their customer now and in the future.
To begin your fraud tech health check, contact us today.