When you manage a fraud prevention operation, your day to day looks like a constant war. There’s always something happening: a new fraud ring, an uptick in losses, manpower assignment and management looking for numbers and analysis. Coupled with attrition and how straightforward the review work is, it’s hard to justify investment in agent training and tools – there’s always something better to tend to. What are the top 5 reasons for you to look into tools and training despite this?
- Transaction review requires attention to details. The above statement was just a teaser: of course review work is hard, tedious and requires attention to details. Any tools and training you can provide to your agents will
improve they ability to improve on their KPIs by highlighting important details they may neglect and emphasizing connections they may miss.
- Knowhow is important. Many agents get on-the-job training that isn’t documented or preserved. As a result, ramp up time is long and senior agents are both much better and very hard to lose, because a lot of knowledge goes with them. Taking your agents through a training program brings them up to speed on the basics.
- You can’t do it all yourself. Maintaining a training team as well as maintenance engineers for your own GUI is cost prohibitive for most companies – the money can always be spent on some other high priority. Assigning full time employees to staff functions with no measurable impact makes them hard to manage, and hard to justify to management.
- Stay connected to industry knowledge. Many risk teams work in isolation, due to the nature of the work but also since they do not want to expose knowhow to competition. When you use standardized agent tools and training you get the benefit of constantly refreshing industry knowhow relayed to your agents, without having to expose proprietary information.
- Standardize. You probably use multiple systems for review, have several training documents and knowledge sharing pages and some of your team is drowning in them. It’s clear to you that standardization will improve performance, but getting to it requires immense time and discipline. When you use a single source for training and tools, you get rid of all the fuss. Use a single interface using a single method to standardize review across your teams, and add your own flavor according to your products and preferences on top of them to cater for your unique needs.
Risk operation management is a tough practice, one that’s hard to get budgeted and always pushed to achieve more with less. You have many reasons not to subject yourself to sub-standard tools and training and make them a priority with minimal investment. We at Signifyd strongly recommend that you do.