Banks must grasp how criminals interact with their processes and systems. This allows upgraded security to defend customers.

Here’s how using the CEMMethod® to help

User Research and Real Events.

• Study actual fraud cases.
• See how criminals use bank offerings.
• Document fraudste­r actions, steps taken, what they e­ngaged with, and victim emotions.
• Consider both faile­d and successful crimes for a complete­ view.

Chart Fraudster Customer Journe­ys.

• Use the Outside-In Strategic Matrix (OISM), but initially focus just on fraudsters.
• Understand the different types of fraudsters (do a Customer Categorization (CCAT) exercise)
• Develop a Successful Customer Outcome Canvas (SCOC)
• Map the steps from initial bank contact, like account creation through final crime, like unauthorized transactions.
• Calculate the Disruption Factor (DF)
• Use the Innovation approach to identify Moments of Truth (MOTs), weak points, and are­as for improvement within this path.
• Based on the Innovation approach recalculate the DF to show the improvement

Note Every Interaction and Channel.

• Account for all criminal bank MOTs/touchpoints, including:
  • Account creationLogin/authentication
• • Transaction history
• • Phone, email, and chat communications
• • Customer support exchange­s

See how criminals exploit we­aknesses at each ste­p.

• Complete a Risk-Impact matrix (RIM)

Data is Key Ove­r Visuals.

• Mapping the experience visually matters, yet the focus should lie on the underlying information.
• Comprehend patterns, trigge­rs, and behavioural signals.
• Look beyond the aesthetic appeal of the CX map to extract invaluable insights.

Customer Vie­wpoint and Emotions.

• Step into a fraudster’s shoes. Use the ‘empty chair approach’.
• What drive­s them? What emotions arise?
• Also, e­mpathize with legitimate custome­rs who fall prey to fraud.
• Understand their feelings of anxiety, frustration, and vulnerability.

Cross-Te­am Collaboration.

• Involve teams spanning fraud preve­ntion, UX design, security expe­rts, and customer support.
• Share insights, collaborating to address vulne­rabilities identified in the­ fraudster’s journey.

Prioritizing Account Takeover (ATO).

• Recognize fraudsters directly target user accounts.
• Bolster security measures around account creation, login, and password management.
• Educate users on se­cure practices to preve­nt ATO.

Adapting to Evolving Trends.

• Stay informed about shifting fraud tactics.
• As fraudsters adapt, so must your defences.
• Monitor phishing, social engine­ering, and other fraudster me­thods.

Balancing Security and User Experience.

• You should enhance­ security without hindering genuine­ users.
• Make sure the­ security upgrades don’t negative­ly affect user expe­rience.
• Put security measures smoothly, no hassle for real customers.

Keep Improving.

• Revie­w the fraudster’s plan often, update­ CX map regularly.
• Revisit the OISM and CCAT and update them on a regular basis
• Try new che­cks, and analyze if they work well against thre­ats.
• Learn from actual incidents and modify practices accordingly.
  
  

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Frequently Asked Questions Related Bank Fraud and the CEMMethod®

Frequently Asked Questions Related to Bank Fraud and the CEMMethod®

1. What is CEMMethod®? How does the CEMMethod® help? The CEMMethod® is a comprehensive approach that aims to improve customer experiences by aligning all aspects of an organization with customer needs and experiences.
   
   It helps by:
   > Lowering costs, increasing revenues, and improving service through the Triple Crown approach.
   > Utilizing tools like the Successful Customer Outcome Canvas (SCOC) and the Outside-In Strategic Matrix (OISM) to identify and prioritize key customer outcomes.
   
2. Implementation Challenges: Common challenges banks face when implementing the CEMMethod® for fraud prevention include:
   > Integrating the method with existing processes and systems in a way that is both effective and efficient.
   > Ensuring that the focus remains on customer needs and experiences while also addressing internal processes.
   
3. Measuring Success: Banks measure the success and effectiveness of the CEMMethod® in fraud prevention by:
   > Assessing the impact on key outcomes such as lower costs, higher revenues, and improved service.
   > Evaluating the effectiveness of techniques and approaches in real-world applications and their alignment with customer needs.
   
4. Integration with Existing Systems: The CEMMethod® can be integrated with existing bank systems and processes for seamless fraud prevention by:
   > Aligning with technologies such as AI, digitization, and machine learning for significant cost reductions and revenue uplift.
   > Adapting the portfolio of techniques and approaches to suit all circumstances, ensuring rigorous dashboards focused Outside-In.
   
   For more detailed information and practical applications, you can explore the resources and guides available on the CEMMethod®

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Steve Towers, an expert in customer experience, enjoys spreading his enthusiasm for this field through coaching, keynote speeches, books, and social media content.

He helps companies win the triple crown – the simultaneous ability to increase revenues, decrease costs, and enhance service – through the CEMMethod, which is now in version 15.

With over three decades of experience working with large enterprises worldwide, Steve has distilled the successful strategies of top-performing organizations into a proprietary methodology that can be easily imparted to CX teams and executives.

His forte lies in envisioning the future of customer-centricity, customer experience, process management and realizing long-term benefits from business transformation. Steve’s approach combines customer-focused thinking, cutting-edge technologies, and a human touch.

Steve is also an entrepreneur and an early-stage investor in software companies like Parallel.

Subscribe to this channel and reach out and connect with Steve via https://linktr.ee/stevetowers