P-Card Fraud ProtectionIMPACT STORY
Criminal fraud activity, reliance on IT and third-party suppliers for a solution, uncertainty and intense corporate and client pressure. These were the real emotions and challenges around a story of purchase card fraud and how it rapidly turned into a narrative of an industry-leading product with lasting differentiation that drove new customer growth.
- Industry was experiencing a significant increase in fraudulent activity targeting purchase card products
- Losses were increasing exponentially in a rapid time frame and business was calling into question fundamental product viability due to corporate exposure (product was the most profitable in portfolio)
- Business’ clients began noticing fraudulent transactions appearing on invoices and dissatisfaction was reaching a pandemic level
- Innovated industry-leading solution with advanced security analytics/controls resulting in 99% risk reduction by re-designing product, building proprietary application, and partnering with cross-industry stakeholders to identify and influence trends.
The following proficiencies were used in this project:
Engage our data scientists to unearth revelations within the data sets that reside within your systems. Develop models and analytical tools to enhance your decision making and client value.
Layer technology over processes to rapidly develop sustained service level improvements via cutting-edge tools such as robotic automation, optical character recognition, work flow, customer relationship management, etc.
Accelerate development of bespoke applications and web experiences to enhance employee efficiency and/or supplier and customer value.
Craft logos, websites, marketing materials and apps with a deliberate focus on strategic planning and skillful execution to attract, retain, and provoke a response from the audience.
Dissect client needs, assess market opportunities, design targeted products/services, create client loyalty initiatives, build portfolio analyses tools, and craft compelling value propositions.
Year-over-year risk reduction
Annual risk exposure over 5 years
What Was Done
Expediently gathered and analyzed quantitative data and engaged in field studies (empirical) to determine nature of fraudulent activities and associated behaviours.
Instituted rapid interim controls within business and in partnership with third-party suppliers to reduce risk exposure and immediately mitigate losses.
Rapidly designed and prototyped industry-leading fraud detection technology by algorithmically establishing “digital fingerprint” to compare to normalized purchase patterns.
Parallel product development work stream was established to redesign in-card technology to add counterfeit prevention technologies in timely and cost efficient manner.
Product rebranding initiative was completed to convert business challenge into catalyst for product differentiation and market leadership.