Business-Driven Fraud Management: Engaging With Leadership to Drive Investment

This whitepaper explores the challenges faced by fraud practitioners in effectively communicating fraud threats and trends to senior leadership, along with best practices in the financial services and retail industries for securing buy-in on new initiatives and technology investments. 

Key findings:
 

• The three KPIs that consistently matter to senior leadership are fraud losses, expenses, and the impact on the customer.
• Loss and expense metrics are important for motivating change, but don’t underestimate the influence of intangibles such as reputational risk.
• There When setting targets, organizations look beyond their own historical performance to the broader industry and compare peer performance.
• Network-level attacks bring info security and fraud teams together. 

In support of this study, Javelin Strategy & Research interviewed executives across two industries: financial services and retail.  Within financial services, which included digital, regional and card issuing FIs, all institutions were within the top 25 in deposits or number of credit cards in circulation.  Among retailers interviewed, which included multi-channel and marketplace retailers, 2016 annual revenue was at least $1 billion.