Q #3 : How do you reduce fraud and protect your organization’s reputation while maintaining a high-quality customer experience?
Please post your replies here for Q #3
In a word: Balance. Key is to earn the trust of customers without relying on luck.
- transparency is a must in this space IMHO.
Stopping fraud is often in the customer's best interest and right communication to the right customer can help reinforce
@dez_blanchfield I agree that transparency is key. However, I wonder if the masses share that thought. I think not.
AND -- predictive analytics can help with that as well -- right message, right person, right time
- trying to bury an incident usually leaves the doors wide open for repeat offenders.
@jane_hendricks - making it as pain free as possible to actually report and act on an incident is critical, if it's too hard, few will waste their time reporting incidents.
A system that reduces fraud is part of the CX. It's about trust & confidence in the organization. @IBMbigdata
Fraud has costs to customers as well as an organization. Fraud prevention protects customers, and improve their experience
By using data-driven analytical models such as descriptive, predictive or social network analytics in a complimentary way plus keeping trust is the key
@tcrawford - I'm finding that transparency is a generational thing, older generations will bury and hide fraud, but younger generations are quicker to "out" an incident and deal with it..
involving customers in the approach taking and anticipated benefits, drawing on your social audience really supports transparency and engagement. Don't bury it.
@dez_blanchfield It MUST be transparent, again a watched pot never boils.
Zeydy Ortiz, PhD
I've been impressed by companies that are proactive contacting the customer when they suspect fraud
@jane_hendricks @craigbrownphd : Your thoughts are welcome here..
@DrZeydy AND, because someone does, you likely expect it from everyone now. A #newnormal.
Strong multifactor authentication on all transactions, for a starter (e.g, password + SMS + challenge questions). Consumers are used to it now. Not a huge crimp in customer experience.
@jane_hendricks - don't assume fraud is always a customer end thing of course ;-)
@dez_blanchfield Sure, unless that's the mode of distraction from their real fraud. Layers of sophistication.
@jane_hendricks - ah but predictive algo's are still such a rapidly developing space, who's models do you choose ;-)
Zeydy Ortiz, PhD
.@CSurdak Absolutely! There's nothing worse than being "stranded" with a denied CC transaction w/o knowing what's going on
This chat is getting better and better.. and now it is time for Q#4 at the top of your screen.
@tcrawford I think most management disagrees. Denial and hiding seem to be the rule of thumb. I disagree with that.
Machine learning that identifies typical customer transactional patterns, flags anomalous possible fraudulent activity, and triggers customer service rep reachback for customer confirmation. Customers appreciate the safeguard
@jane_hendricks - but with that in mind we've seen the US banking system produce the GFC and with very little internal repocussion - nobody went to jail !!
@CSurdak Oh I agree with you.
Craig Brown, Ph.D.
Investment in processes and technology that provide the necessary protection. Confidence in the solutions utilized and a successful track record for customer review. Transparency to customers also helps with reputation.