Milestones To Handle Your Fraud Prevention Project like an Expert

fraud prevention project

Last modified on April 16th, 2024

A successful fraud prevention project is one that’s been prepared. You want to implement a solution that suits your company’s specific needs and takes into account employee habits. Jumping in without preparation means taking the risk that the tool won’t be used. Discover the 5 steps for a successful anti-fraud project in this article!

In our latest white paper crafted with BearingPoint and Société Générale, learn all there is to know about leading a successful fraud prevention project!

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Step 1: Setting the tone

Fraud prevention isn’t about an isolated Treasurer trying to fend off scammers: it’s a cross-functional issue. In fact, in involves up to 9 different teams in large corporations. This could be Purchasing, Treasury, Risk Management, Accounting, and more.

Our tips:

  • Include all stakeholders from the outset and avoid working in silos. This will make decision-making and deployment more effective. It’s a good idea to start with meetings to define the scope of the project.
  • Identify the key metrics that will get all stakeholders interested and involved. During the exploratory phases of the project, prove that the chosen KPI can improve thanks to the chosen solution.


Step 2: mapping your needs

Map the existing processes, their weaknesses, and what you’d like to change. This will help you list the key functionalities of the tool you’re looking for and lead a successful fraud prevention project. Don’t stop at your current needs: think about your future needs.

A few questions you can ask yourself:

  • What processes do we currently use?
  • What is the geographical scope?
  • What tools do I already have, and how do they fit together?
  • How many users are involved in the payment chain?
  • What level of interconnectivity am I looking for?
  • What is your company’s 5-year plan?
  • Will it acquire other companies?
  • Will subsidiaries open abroad?


Step 3: putting a price

Set a budget from the outset of your project. Pricing for this type of software usually separates recurring and non-recurring costs, like implementation and initial deployment.

Financial losses from fraud can easily exceed the million-dollar mark. In comparison, the cost of implementing a fraud prevention solution is minuscule. On top of that, it’s better to invest in a platform that’s more expensive but really fits your needs and doesn’t have hidden costs. Always keep the ROI in mind: how much time and money will you gain, compared to pre-existing processes?


Step 4: digging into existing solutions

Once you’ve listed your needs and set a budget, it’s time to dig into all the fraud prevention solutions on the market and contact them if they meet your requirements.

Our tip:

  • Ultimately, it’s not about finding the best solution on the market, but about finding the best solution for your company. Look for the software adapted to your organization, your employees, and your business challenges.

Not all solutions are aimed at the same type of company. A platform may be suited to large companies but not to SMEs. These corporations don’t handle the same number of vendors and the same type of risk. Some functionalities may be very specific to US companies, which can be a problem if you have entities abroad and want to comply with foreign regulations.


Step 5: training your team

Software is nothing without its users, which is why it’s crucial to involve your teams in the choice of solution and provide training. The internal use of the tool is a key way to measure the success of your project

Our tips:

  • Choose test users for the exploratory phase, to involve business teams from the start
  • Organize team trainings as soon as you have chosen your solution, including presentation of the tool, launch of new functionalities, etc.
  • Gather regular feedback from your teams so you can pass it on to customer support and help the solution evolve and fit your needs even better.
  • Monitor the use of the platform to detect any obstacles in efficient user-experience.
  • Organize regular fraud awareness sessions on the new techniques used by fraudsters.

And remember, it’s not so much about creating new processes from scratch as changing existing ones to help employees adapt.

Download the full guidebook right here!

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