During our fourth session of Fraud Office Hours, an attendee asked, "What are the steps to choosing fraud prevention software?" Watch this video clip and read below to see how Unit21's Head of Fraud Risk, Alex Faivusovich, responded.
The Main Steps for Choosing the Right Fraud Prevention Solution
"If I go with that vendor and with that solution, can I even implement it?
Choosing the right fraud prevention software is difficult, as you need to weigh what’s most essential and strike a balance between cost and value. Below, we cover some of the main steps - and the three questions you should be asking yourself at each step.
1. What is the Current Tech Stack?
The first question you’ll want to ask yourself relates to your current technology stack and capabilities: what do you have in place today?
At this point, it’s important to ask yourself if you can implement the proposed software. Do you have enough engineering power? Do you have enough knowledgeable people to connect to that vendor, implement it, and maintain it as needed?
So first and foremost, you want to determine if you can implement and run this new solution given the manpower you have available.
2. What Problems Are You Facing?
After determining that you can operationally handle the type of solution you’re looking for, you next want to understand your current problems. Without truly understanding your issues, it will be hard to choose the best solution to address them.
Dig deep into the problems you’re currently facing, and make sure to choose a vendor that checks all the boxes and answers all the problems you’re facing today. If you’re dealing with certain types of fraud, make sure the solution can address those problems. Buying something that isn’t a good fit for your business won’t take you to the level you need, so choosing based on your needs is critical.
3. How Can the Vendor Help with Your Problems?
After covering these basics, it’s time to determine what the vendor can offer you. Think critically about what you expect to achieve by using a particular vendor, and make sure that your goals align with what the solution provides.
Determine what KPIs you care about, your operational baseline, and how day-to-day work will look using that vendor’s solution. You want to think not just about how it will impact your team, but also how it will impact the whole organization.
As a key decision-maker, it’s essential to justify what you’ll be able to achieve by choosing a particular vendor. When making the argument to senior management, you’ll want to lean heavily on what you can achieve using this new vendor.
Remember to frame this in terms of what your organization’s goals are. If your company’s primary goal is to reduce fraud losses, you want to emphasize how you’ll be able to achieve this specifically. More importantly, by what percentage do you think you’ll be able to reduce fraud losses using the new solution."
Choosing the best software for your team can be a touch decision. Learn exactly how we can help by understanding the use cases we're designed to solve.
Looking for more insights? Check out our fourth session of Fraud Office Hours on-demand for a deeper dive into how to select fraud prevention software.