Fraud Resolution Gaps Alienate Victims; How Fraud Specialists Can Lend Support

A lack of customer service and resolution continues to be at the forefront of fraud victims’ minds. Victims just want to be acknowledged, and they want to be kept apprised of their fraud case and next steps. Javelin Strategy & Research’s latest look at FI fraud processes finds that a lack of good customer service and resolution is inhibiting victims from reporting fraud. Further, these gaps often prompt fraud victims to cancel their accounts. 

This Javelin Strategy & Research report reviews how financial institutions can enhance the customer experience and strengthen fraud processes by creating an integrated fraud team, comprising of upskilled, customer-service-oriented fraud investigators and dedicated fraud resolution specialists who guide the victim through the entire fraud process. 

Key questions discussed in this report:

• How can FIs integrate customer service skills into their fraud programs? 
• How can FIs employ fraud investigators who have outside-the-box skill sets? 
• How can FIs address customer/member concerns about lackluster fraud resolution?

Companies Mentioned:

Federal Trade Commission (FTC), John E. Reid and Associates, Inc., Verbal Judo Institute, Wicklander-Zulawski &
Associates, Inc.