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Q #3 : How do you reduce fraud and protect your organization’s reputation while maintaining a high-quality customer experience?
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IBM Analytics
Please post your replies here for Q #3
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Tim Crawford
In a word: Balance. Key is to earn the trust of customers without relying on luck.
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Dez Blanchfield
- transparency is a must in this space IMHO.
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Jane Hendricks
Stopping fraud is often in the customer's best interest and right communication to the right customer can help reinforce
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Tim Crawford
@dez_blanchfield I agree that transparency is key. However, I wonder if the masses share that thought. I think not.
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Jane Hendricks
AND -- predictive analytics can help with that as well -- right message, right person, right time
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Dez Blanchfield
- trying to bury an incident usually leaves the doors wide open for repeat offenders.
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Dez Blanchfield
@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.
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Shep Hyken
A system that reduces fraud is part of the CX. It's about trust & confidence in the organization. @IBMbigdata
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Jane Hendricks
Fraud has costs to customers as well as an organization. Fraud prevention protects customers, and improve their experience
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Ankita Asthana
By using data-driven analytical models such as descriptive, predictive or social network analytics in a complimentary way plus keeping trust is the key
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Dez Blanchfield
@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..
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Sally Eaves
involving customers in the approach taking and anticipated benefits, drawing on your social audience really supports transparency and engagement. Don't bury it.
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Chris Surdak
@dez_blanchfield It MUST be transparent, again a watched pot never boils.
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Zeydy Ortiz, PhD
I've been impressed by companies that are proactive contacting the customer when they suspect fraud
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IBM Analytics
@jane_hendricks @craigbrownphd : Your thoughts are welcome here..
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Chris Surdak
@DrZeydy AND, because someone does, you likely expect it from everyone now. A #newnormal.
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jameskobielus
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.
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Dez Blanchfield
@jane_hendricks - don't assume fraud is always a customer end thing of course ;-)
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Chris Surdak
@dez_blanchfield Sure, unless that's the mode of distraction from their real fraud. Layers of sophistication.
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Dez Blanchfield
@jane_hendricks - ah but predictive algo's are still such a rapidly developing space, who's models do you choose ;-)
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Zeydy Ortiz, PhD
.@CSurdak Absolutely! There's nothing worse than being "stranded" with a denied CC transaction w/o knowing what's going on
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IBM Analytics
This chat is getting better and better.. and now it is time for Q#4 at the top of your screen.
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Chris Surdak
@tcrawford I think most management disagrees. Denial and hiding seem to be the rule of thumb. I disagree with that.
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jameskobielus
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
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Dez Blanchfield
@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 !!
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Tim Crawford
@CSurdak Oh I agree with you.
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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.