Bring Every Tool You Can
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I just returned from a spirited gathering of fraud prevention professionals representing nearly 20 different banks and credit unions. We call these events Peer Bank Forums, and host them several times a year at various locations. The mission of Peer Bank Forums is pretty straightforward: create an environment where best practices can be shared, new strategies and techniques explored, and new relationships established among people with the common goal of defeating bank fraud in its many forms.
One of yesterday's featured speakers – a dedicated and successful fraud manager – made an interesting point using a golf analogy. He asked the group: What is the maximum number of clubs a professional golfer is allowed to carry in his bag? The answer: 14. (Someone knew!) Next question: How many clubs do professional golfers carry in their bag? The answer: 14. The point was clear… successful professionals bring every tool they can.
Available tools in the fight against fraud include things like technology, training, data, 3rd party watch lists and well designed business processes. And, in our opinion, something that should be on everyone's list of fraud fighting tools: collaboration. Collaboration is a uniquely valuable tool, since it has the power to make all of your other tools work better. Discussing best practices for front line monitoring of fraudulent deposits, connecting with fellow investigators who may be facing the same online banking fraud schemes you're seeing, and yes, even sharing war stories about the time you got burned – all of this can serve as a powerful, constructive feedback mechanism for the other tools you use every day.
As was said yesterday – fraudsters are increasingly well organized… fraud fighters should be working together, too. Collaboration may be the most powerful tool of all.