February 9, 2022

4 Tips For Balancing a Great Customer Experience With Fraud Prevention

Katie Ripa

As we kick off another year full of fresh marketing strategies, with healthy budgets and optimism for a prosperous new year, we should also take a minute to evaluate what worked last year and see where we can pivot and adjust for an even more successful year ahead. 

But how do we account for the unexpected? How do we plan for something that we didn’t see coming, and how do we let it not affect our customer experience?

In the financial world, the unexpected often takes the form of fraud. When fraud hits, we need to be ready by having systems in place and employees that are trained to handle these issues with grace and care.

Let’s discuss four ways marketing can balance the customer experience while also protecting customers from fraud.

1. Practice Clear Customer Communication

Fraud prevention is key for any financial institution, but it’s easy to go overboard on restrictions, by being too demanding. Ultimately, that can overwhelm your clientele, resulting in a terrible customer experience. It’s important to strike a good balance between preventing fraud losses and reducing stress on your customers. But how can a business achieve this balance? Clear communication. Frequently communicate exactly how and what you’re doing to keep your customers safe. Consider using content that focuses on the benefits of technology you already have in place, like text alerts and two-factor authentication.

You should also provide proactive education, so your customers are aware of, and recognize, common fraud scams. Most importantly, reassure them you are available to help. If they become a victim of fraud, it’s vital that your customers know how to reach you and report the fraud as quickly as possible. Publicize this information on any platform your business uses, from social media and email  to your website and print pieces. This will ensure you are meeting your customers in the places they commonly use to find information about your business.

2. Ensure Employees Are Trained on Fraud Procedures

It’s important that all of your employees are well-trained on how to handle fraud and address customer concerns. When a frazzled customer has just experienced fraud, they’ll want their questions and concerns addressed. Make sure every employee – from loan officers to tellers – knows the proper protocol, so your clientele will be put at ease as quickly as possible, and you can ensure both you and your customer’s losses are minimal.

3. Proactively Educate Your Customers

In the widespread shift to digital banking and e-commerce caused by COVID-19, there has been a sharp increase in cybercrime. And it will likely only increase in the future. You can use educational messaging to help your customers understand why technology like two-factor authentication, remotely disabling debit/credit cards, text alerts, and app notifications are so important. This kind of messaging will allow your customers to see added value of these services, instead of perceiving them as nuisances. As in step one, be sure to communicate on all platforms to help your customers understand why certain restrictions (like multiple login steps, for example), are not only necessary, but help to keep them and their information safe.

4. Maintain a Well-Trained Fraud Prevention Team

 There is no substitute for a skilled team, especially when it comes to fraud prevention. Make sure you have a dedicated team that is trained in fraud and, importantly, how to take care of the customers who experience it. A skilled team can ensure your customers minds are at ease, eliminate their pain points, and help prevent financial losses (for them and for you). The best way to prevent fraud is to be responsive and proactive with your customers, so be sure to communicate frequently on how they can reach your fraud team.

Planning for the Unexpected

As our world becomes increasingly more digital, it’s vital for your business to prioritize fraud prevention, and be proactive about how your team handles it. We hope these four tips will help you strike a good balance between preventing fraudulent activity and providing a great customer experience when it occurs.

Want more information? Visit our financial marketing hub to find a variety of case studies, helpful blog posts and Agency for Change podcast episodes featuring other financial business leaders.

KidGlov is a content marketing agency and certified B Corp with offices in Omaha and Lincoln, Nebraska, specializing in nonprofit marketing, healthcare marketing, financial marketing, community health marketing, social marketing and purpose-driven businesses.