Often, it takes a crisis for a person or group to receive the recognition they deserve. An ongoing problem for fraud teams over the years has been a lack of standing within their organizations, despite the vital service they provide and despite how much loss they prevent. According to a recent report, however, Covid may have enabled some fraud teams to garner well-deserved credit for their contributions to their organizations.
In a recent report exploring the fraud issues surrounding online marketplaces, antifraud technology provider Ravelin found 71 percent of fraud teams at those kinds of merchants noticed an improvement in how the rest of the company regarded them. Of those, a bit less than a third said the change was “significant.”
According to the report, a pandemic-driven boom in digital commerce is leading to organizations placing a higher value and more emphasis on security in general. Ravelin found that fraud teams in some verticals experienced a greater shift in recognition than others. Eighty percent of food marketplaces, for instance, saw perception improve.
Many merchants expect this enhanced standing to result in more resources for their teams. The report said 73 percent of online marketplaces are growing their fraud team and 76 percent are increasing their budget.
“The Covid-driven online boom caused fraud attacks to increase, forcing online marketplaces to prioritize customer security,” said Martin Sweeney, CEO of Ravelin. “The C-suite is more alert to the importance of the fraud team and are now giving them well-deserved recognition. This is a step in the right direction, but you can’t take your foot off the gas. Consistently empowering your fraud team with the best data and tools is the only way to safely maintain fast growth, reduce costs and keep your customers and sellers happy.”