In the wake of Cambridge Analytica, Facebook data misuse, the Equifax breach, and the latest round of political finger pointing in regard to voter and election fraud, it’s no small wonder that demand for Fraud Analysts and Cybersecurity professionals is high.
If you search: “why should businesses hire fraud analysts”, you’ll see Amazon near the top, hiring for fraud security roles. If they’re taking action, should you be as well?
And as the 2018 mid-terms near, Facebook is back in the news
. Determined to curtail a repeat of the issues surrounding the 2016 election, the social media giant is working diligently to remove misinformation from the platform.
But with all these giant companies making fresh efforts to tackle fraud, what does this mean for you and your business?
Fraud Security Begins at Home
Your employees are your first line of defense when it comes to security of your business. No matter the size, it’s important to build a culture of anti-fraud policies right from the start. Below are a few essentials that all businesses should consider:
- Create a list of anti-fraud policies and share them with your employees, staff, and board members.
- Offer fraud training for both management and employees.
- Create a culture of reward for whistleblowers and open lines of communication such as a hotline/tip line.
Though any business should be wary of prevailing scams and frauds in the marketplace, small businesses should be especially vigilant. Business News Daily offers additional tips for small businesses looking to prevent fraud
right from the hiring process.
The Customer Is Always Right: Balancing Fraud Risk Management with Customer Experience
Experian® released their 2018 Global Fraud and Identity Report
, based on results from 500 businesses and over 5,000 customers worldwide to understand what customers think of today’s security protocols.
Trust was, far and away, the biggest talking point. With over 90% of consumers using smartphones and mobile devices followed by over 80% on laptops to search and buy, online security is paramount, and the new digital currency is trust.
However, businesses are now having to grapple with the tension between managing fraud and maintaining a positive customer experience. Whilst they may need to lead customers to better solutions, businesses are finding that customers favor more familiar, time-tested methods like passwords. Ironically, those methods just might be compromising the experience they are advocating for by introducing an unintended nuisance and security risk; one-quarter of consumers have forgotten a username or password within the past six months.
Building a Fraud and Risk Management Team
In order to protect against fraud, IT needs to play a big role in guiding your business and bringing multiple solutions together. However, we all understand that teams dedicated to technology, risk, fraud detection, and data security take time and resources to integrate.
So, to begin, here are a few ways to introduce Fraud Analysis and Risk Management into your business:
- Make data and fraud security guidelines part of your business plan and include them in your budget process – will the risk outweigh the reward?
- Involve staff, employees, management, and stakeholders at every level in the process.
- Be a hero in the eyes of your customer – balance detection with the customer experience.
No matter where you are in your fraud detection and security hiring efforts, we may be able to help you. We specialize across roles of all levels in Data and Analytics on a global scale, with an eye for placing the right candidates in the right roles. For more information about recruiting top talent in the credit & risk sector, get in touch:
Our West Coast Team can be reached at (415) 614 4999 or email@example.com
Our Mid-West and East Coast Teams can be reached at (212) 796 6070 or firstname.lastname@example.org