Pub. 7 2017-2018 Issue 3

18 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S Dispute Resolution: Tame the Beast Ten considerations to improve your dispute resolution process FEATURE ARTICLE BRAD JOHNSON, DIRECTOR OF SOLUTIONS CONSULTING AT CENTRIX SOLUTIONS, A Q2 COMPANY The unpleasant truth is that fraud isn’t going away. The amount of fraudand the volume of disputed transactions continue to grow. Cer- tainly, frauddetectionandprevention strategies are important, but so is fraud management, in the form of dispute processing—and the reality is that dispute resolution procedures have not kept pace with fraud volume. It is time for a change. FIs facing an increasing dispute workload need to consider new options, strategies, and tools—andbe ready to embrace better processes and technology to tame that beast. Ten considerations for better dispute res- olution 1. Customer/member experience In the eyes of account holders, a poten- tially fraudulent transaction might already be a strike against the FI. An inconvenient or cumbersome experience when filing a dispute can turn a concerned account holder Fraud is an unpleasant reality, and will continue to be into the future, but the workload it creates doesn’t have to be as unpleasant, or as unmanageable, as it is today. It’s time to tame the beast!