Top 5 Fraud Questions for Risk Officers

When consulting a customer on identity fraud management, Equifax will go through a rigorous effort to truly diagnose the problems. Here are the top 5 questions related to identity fraud management that we encourage our potential customers to think about:

1) Do I have a firm grasp on my fraud related metrics?
In trying to do a cost-benefit-analysis, we showed that the tracking of fraud and good data feedback loops are what drive the decisions behind a robust fraud process.

2) Do I know which customers need knowledge based authentication?
Profit optimization and segmenting your population is a crucial part of that decision. You have to analytically approach your strategy and take the right steps for good identity fraud management.

3) Have I moved beyond regulatory compliance in my handling of potential fraud?
In our discussion on a graduated fraud policy, we made notes about ensuring your policy is not too restrictive. A policy can only be effective if it considers both the opportunity cost and the potential fraud loss reduction.

4) How much cost could I save by streamlining my authentication process?
Knowledge Based Authentication takes time and call center time is money. Fraud officers need to think about the role of fraud management in the context of the overall onboarding strategy.

5) Is my fraud policy being configured as I make channel / product / promotion related changes in my business?
Best of breed business rules repositories that integrate fraud, risk, and marketing are required for good onboarding strategies. All three legs have to be in step to ensure the best for your business and your customers.