What to Do Before Acquiring an Anti-Fraud Solution?

I think my friend Fernando Soto is doing a great job writing articles about security, for this reason and under his permission, I want to support his contribution translating and sharing this information.

Many people think that already have part of the way won when an approved  business case to acquire an Anti-Fraud solution is done, although it’s true that the responsibility of acquiring this type of tools is greater, it’s necessary to know how to manage your implementation.


Throughout my career I had the opportunity to do things in different ways and learn from the results obtained. I can say that the best implementation experience has hired consulting services and anti-fraud assessments before the system implementation.

“Is it worth hiring consulting services before implementing an Anti-Fraud solution?”

Yes, the results will be totally different. Unfortunately, companies usually work under the low budget scenario and do not execute the entire budget as it should be.

As a fraud detection team leader, I can say that our vision is usually framed by current needs, and sometimes a third party’s view of these scenarios is necessary. It’s important to remember that after anti-fraud solution implementation and acceptance, all the changes and adaptations will generate additional costs. (The famous “Change Requests” from which we fled and the provider loves to pronounce).

Most anti-fraud solution providers offer consulting services, also there are especialices companies and independent consultants; the important thing here is the combination of efforts between the guindance and advice of someone with “Functional and Operative” knowledge in the implementation of the solution, along with the business knowledge that the user have. Each company have a different way and successfull way of doing things, so adapting solution must be a prime factor for the success of the project.

Can an Anti-Fraud solution be implemented without previous consulting?

Of course it can be done, but is important to understand that if you don’t have a clear vision of how far you want to go with an anti-fraud solution and don’t know the whole benefits of the tools, you don’t be clear about you can archive and what can’t be done, it’s very likely that you end up receiving a Change Request Quote which will usually be more expensive than a previous consultancy.


What are the benefits of a anti-fraud consulting?

  • Optimizes analysis processes: Consultancies usually analyze first-hand the organization detection processes and how its relate to the whole company; fraud analysis depends on many sources of information and knowledge that are hardly handled by a person.
  • Identifying Sources of Information: The success of an Anti-Fraud solution is found in the quality of information sources; I have no doubt about how well the profiles, patterns, neural networks, search engines and fraud detection of many of these systems currently available on the market works, but the quality of the data entered into this will be a differentiator factor when determining whether the case is fraud or not.
  • Business Lines Assurance: We detect all the fraud that we have ?, a successful management is based on not ceasing to ask this question, the feeling of security and comfort with the results is not recommended for those who exercise these functions; It’s very important to determine the fraud that we have by lines of business,  allowing us to define the analysis strategy that we will provide to the work team.
  • KPI Development: “If you can’t measure it, you can’t manage it.” –Peter Druker. Quote constantly repeated by my first work place CEO while I worked as a fraud analyst). A consultation broadens the vision of how to present, analyze and make decisions on the outcome of fraud analysis management.
  • Policy Development: Documenting fraud types and security policies; the transfer of knowledge is something that we must guarantee, ideally it’s from person to person, but never neglecting to have all our information collected.
  • It isn’t Affects Operational Management: Allows the consultant to take care of your needs while the unit does not delay the daily management.

In conclusion, the success of this type of projects depends on the level of maturity of the organization and dedication in the implementation phase of the members of the fraud team.

Working within a fraud prevention structure doesn’t make you an expert on the subject; before planning a project and making a considerable investment of time and money it is advisable to tell us whether or not we really need someone with more experience, someone who allows you to really see what we need, a different and fresh vision that evaluates how we can improve even more what we do.

Fernando Soto
Business Assurance| Policy Advisor
Fraud Management| Product Risk Enthusiast

jorgeTranslated by
Jorge Fernandes


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