A financial institution sought to expand its business by launching a new consumer finance product. Due to their ambitious schedule, the bank sought an expert’s opinion to squash potential risks and quickly confirm whether its fraud defenses would be effective enough for the new product. Specifically, the bank needed strong protection against application fraud, transaction fraud, account takeover, AML and merchant fraud.
Bridgeforce helped the bank identify their internal gaps in order to build the protection they wanted. When the project was complete, the bank had not only developed a new fraud defense strategy but also instilled an in-house culture centered around fraud awareness.
Bridgeforce was hired for our expertise in fraud defense along with our ability to seamlessly integrate with our client’s teams.
First, we needed to examine the existing fraud strategy and build a plan for enhancements. Our goal was to ensure that any opportunity areas to further improve defense against fraud attacks and the overall customer experience were identified.
We conducted interviews with the fraud and deliveries teams to gather observations and determine where improvement opportunities existed.
Bridgeforce deployed a select group of seasoned experts, including former executives in fraud, compliance, collections and risk management. Their deep understanding of consumer fraud revealed critical risk areas that the client needed to address, particularly concerning control and support processes.
Then working shoulder-to-shoulder with the client’s Chief Risk Officer, fraud executives and other business leaders, Bridgeforce developed multiple solutions to address the key risk areas. The result was a comprehensive fraud mitigation strategy.
The team also collaborated with the client’s senior leaders 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 team had identified critical risk areas and developed multiple solutions to create a comprehensive fraud defense strategy and rollout.
At the end of the project, Bridgeforce team employed a teach-to-fish model, which ensured that client resources were well positioned to protect the investment in its new product offering.
We have happily accommodated our client’s request to anonymize their organization in this case study.