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.
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.
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.
We have found the following steps to be necessary to drive success:
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.