While the emergence of “trust and safety” as a corporate philosophy has led to more alignment between fraud teams and the companies they are part of, many fraud professionals still feel they are viewed as a barrier to sales and revenue rather than a valued partner.
An article this week in The Business Journals asserted that fraud teams were “out-of-sight-out-of-mind” for most of the year—relied upon to save businesses’ bottom lines during the holiday rush when fraud was worst. But, according to the piece, a focus on digital channels (likely accelerated during Covid-induced lockdowns during which online commerce soared) and ensuring fraud departments work in tandem with other areas of an organization has become more important than ever.
At CardNotPresent we have seen this shift as an imperative even before the pandemic changed retail, when trust and safety was not an organizational priority.
For those whose companies remain locked in an outdated paradigm, there are important ways fraud teams can communicate their value to their corporate leadership. This CNP merchant guide has tips that will enable fraud leaders to communicate their teams’ value to executives in terms they will understand.