3 strategies for elevating fraud prevention internally

You understand the value of your fraud prevention team’s work.

But how do you get others in your company to recognize it? Especially your executives?

Here are 3 strategies you need to be using:

1. Simplify your communication.

You understand fraud like the back of your hand. But your audience doesn’t. So bring it down a level and help them understand.

Use simple terms, and avoid using technical fraud jargon.

And don’t forget, there’s one universal language that everyone in your company understands: money.

Whenever possible, translate fraud language to real business value, ideally with a dollar amount attached to it.

2. Bring good news, not just bad news.

At some companies, people only hear from the fraud prevention team when there’s a problem. But you want them to associate you with good news, not just bad.

That’s why you need to proactively communicate your team’s wins and how you’ve contributed to the bottom line.

When your team stops a large amount in fraud losses, boosts revenue by increasing approval rates, or optimizes marketing budget by reducing promotion abuse…

Make sure your colleagues know.

3. Develop your fraud storytelling ability

Storytelling can be a superpower for a fraud fighter. Brian Davis from Dodgeball talked about this on a webinar I presented with him recently.

Your internal stakeholders may not fully understand the implications when you share some fraud data with them or highlight a win your team had.

So take them on a journey:

1. Before coming into the conversation, put yourself in their shoes.
2. Consider what they know (and don’t know) about fraud.
3. Think about how what you’re about to share could tie to their personal objectives.
4. Reflect on the conclusion you want them to reach after hearing what you have to say.
5. Use that knowledge to help you build a story that has the desired impact.

If you develop this skill, it could make a big difference in your career in fraud prevention.

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You and I know that fraud fighters are a critical part of your company’s success.

Use these 3 strategies to get everyone else at your company on the same page.

Watch Incognia’s recent webinar that goes deeper into this topic:

Fraud Prevention: Cost Center of Profit Center?