Teaching our customers the tips and tricks of catching fraudulent deposits is critical. However, aside from the training, banks and credit unions should address the cultural element. By making it a ‘game’ of spotting fraudulent deposits, it can be fun and rewarding for staff. The trick is knowing how to position the benefits to encourage strong, consistent participation.
While many financial institutions offer compensation and bonuses based on performance, few organizations position those around stopping fraudulent deposits. This simple twist to proposition performance bonuses can save FIs money. Additionally, they are a great way to motivate and refocus staff on becoming fraud fighting experts. With extra compensation on the line, tellers will go a step further. Staff can not only run each item against TrueChecks®, but also decision the items accurately based on the system’s recommendation. Also, our most successful customers have incentive packages for staff members who contribute new alerts to the system.
Make stopping fraudulent deposits rewarding for staff
One big motivator for teams can be demonstrating how much value stopping fraudulent deposits have for customers and/or members. Your staff interacts with these folks every day. Customers and members value staff and want them to continue doing business with your institution. It’s not only about job security, but it’s also about pride in what they do and the services they offer. Reinforcing that stopping fraud helps the customers/members and the bank or credit union while lining their pockets with a little cut of those saved fraudulent losses in the form of bonuses, will go a long way in shoring up your financial institution’s fraud problem.
With any cultural shift, there will need to be training around this initiative, and promotion throughout the branches about the bonus structure’s benefits for the team or individuals that ‘catch the most fraud this quarter.’ Maybe they even get a party or awards ceremony for their efforts and hard work? Making the shift from just using the AFS solutions, to embracing them as a big part of the daily workflow can help your bank or credit union save a lot more in fraud losses. An engaged team member with a sharp eye on fraudulent deposits will be your biggest ally and tool in the fight against deposit fraud losses. So, give it a try! Make that cultural shift to being a frontline fraud-fighting dream-team and see what happens.
