Combatting Bank Fraud using the CEMMethod®

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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.

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®

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.

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