Outsourcing Fraud Awareness Education to Enhance Productivity in Banking

Introduction:

Financial institutions are under constant pressure to improve efficiency and productivity, while also addressing the ever-evolving threat of fraud. To achieve these goals, many banks and credit unions have turned to outsourcing their fraud awareness education programs.

Problem:

A Florida credit union was struggling to balance its workload between its fraud and marketing departments. Both departments were understaffed, and the credit union was struggling to keep up with the increasing demand for fraud prevention content for marketing outreach efforts.

Solution:

The credit union decided to outsource its fraud awareness education program to eFraud Prevention.

Results:

Outsourcing the fraud awareness education program had a significant impact on the productivity of both the fraud and marketing departments. The fraud department was able to focus on high-priority tasks, such as monitoring for potential fraud and conducting investigations, while the marketing department was able to devote more time to developing and executing marketing strategies.

Additionally, the credit union saw a reduction in reported fraud cases, as employees and members were better equipped to detect and prevent instances of fraud. This improvement in fraud prevention allowed the credit union to focus more resources on its marketing outreach efforts, leading to increased customer engagement and improved brand reputation.

Conclusion:

Outsourcing fraud awareness education can be a valuable strategy for banks and credit unions looking to improve efficiency and productivity. By partnering with a specialized provider, banks and credit unions can free up valuable internal resources, while also improving their fraud prevention efforts and enhancing their marketing outreach. This case study demonstrates the positive impact that outsourcing can have on fraud and marketing departments.