MAY 2025ENTERPRISE SECURITY| | 19BUILD YOUR ORGANIZATIONAL READINESS As a strong financial institution, the governance alignment, policy implementation and technology solution deployment work together to bring strength to payment functionalities and fraud protection measures. As a next step, when financial institutions assemble a fraud "dream team," make sure to consider a few different factors: the organization's risk tolerance levels; A balance between member experience and security; The level of investment you're willing to commit.While having a full internal team is one approach, financial institutions can also consider alternate ways to design their fraud prevention approach to maximize expertise and value. They can choose between building an in-house team, outsourcing to external providers, or adopting a hybrid model that combines both approaches. Key roles forming a strong fraud team include the following: Fraud leader: This person serves as a key liaison to senior executives, possessing a robust policy background and a deep understanding of performance metrics. Deeply passionate about fraud prevention, a Fraud leader plays a pivotal role in setting the organizational tone and driving initiatives to combat fraudulent activities effectively.Fraud analyst: A skilled professional adept at identifying and analyzing patterns indicative of fraudulent behavior within financial transactions or operational processes. This is a role an organization may consider using an external provider. Fraud data analyst: An individual with a background in fraud detection, often with statistical or analytics skills, coding skills, and potentially more advanced modeling skills. This is a prime role to use an external partner and use on demand.Fraud investigator: Often considered as Fraud Analysts with an advanced skill set, these professionals delve deeper into fraud detection and investigation. While they handle tasks similar to Fraud Analysts, such as reviewing alerts, their focus extends to uncovering sophisticated fraud rings and connections between different fraud activities. Subject matter expert: The SME serves as a primary resource for conducting training sessions targeted at staff and members, facilitating outreach initiatives, and spearheading awareness campaigns to promote a culture of fraud prevention.Whether opting for a fully in-house team, a hybrid model of internal and external resources, or a fully outsourced model, remember to prioritize investing in capabilities that align with the organization's objectives and resources. Outsourcing certain roles to specialized external providers or adopting a hybrid model can enhance efficiency and effectiveness, allowing focus on other core competencies and institutional strengths. Regardless of the chosen approach, the focus should remain on crafting an effective fraud task. ESWHETHER OPTING FOR A FULLY IN-HOUSE TEAM, A HYBRID MODEL OF INTERNAL AND EXTERNAL RESOURCES, OR A FULLY OUTSOURCED MODEL, REMEMBER TO PRIORITIZE INVESTING IN CAPABILITIES THAT ALIGN WITH THE ORGANIZATION'S OBJECTIVES AND RESOURCES
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