The key steps and criteria for a successful fraud prevention project

Happy to share Trustpair’s latest White Paper, crafted in collaboration with BearingPoint and Société Générale: the Ultimate Guidebook to Ace your Fraud Prevention Project.

Payment fraud is a critical topic for US companies and addressing this risk should be a top priority for Finance Teams. With almost 60% of US companies targeted by fraud at least once a year, it’s a necessity, not a convenience.

I’m happy to share my tips and insights in this white paper, alongside fellow fraud experts from BearingPoint and Société Générale, to help you launch your fraud prevention project with peace of mind.?

Link: https://trustpair.com/white-paper/fraud-guidebook/

A successful fraud prevention project is one that’s been prepared

With years of experience in the fraud space, I can tell you it’s not about diving in headfirst: fraud prevention projects need preparation. Without it, you risk implementing a tool that won’t be used by staff and doesn’t suit your business’s specific needs.

?Here are some questions to ask yourself to get off on the right foot:?

• Who are your key stakeholders? Who should you involve from the outset?
• How will you measure the ROI of your project? What’s your budget?
• Do you work with international vendors? Do you need international account validation or domestic only?
• What are your current processes when it come to fraud prevention? What are the loopholed in these processes?
• What type of solution are you looking for: a pure-player solution, a data provider? What are the inconvenients and advantages of each type of solution?

The 9 things you should look for in a fraud prevention software

As I often tell prospective clients, the end-goal is to implement a sustainable solution that suits the technical and operational specificities of your company. This means taking into account its’ size, geography, processes, technical constraints, and so on.

Here are some criteria you should consider when picking a solution:

• Account validation reliability?
• The right geographic coverage
• Ability to handle special cases?
• Account validation traceability and collaboration
• The highest IT security standards?
• Simple user experience and ergonomics
• Integration within your existing technical environment?
• Easy deployment thanks to professional support
• Customer support and guidance

Too many companies still have a wait-and-see posture when it comes to fraud. Unfortunately, the fraud industry is massive and industrialised: waiting just isn’t enough. They should get into the game as soon as possible to lower the risk immediately

To get the full list of steps and key features, download our full Fraud Prevention Guidebook!