BFA #009 | The Fraud Talent Gap

What's happening Fraud Fighters?

Did you miss me? Are you tired of struggling to find and keep top-notch talent in the fraud prevention field? You're not alone!

The talent gap is a significant challenge for many startups, especially when it comes to fraud fighters.

We're here to guide you on how to build a strong team that will help you thrive as the leader you are.

Let's investigate further

Read Time: ~3.75 Minutes

The Fraud Talent Gap

Let's get real for a moment. We've all heard that age-old adage, "anyone can be a fraud fighter." But let's face it, not everyone has what it takes to excel in the complex world of fraud prevention. It's time to challenge this assumption and focus on what truly matters.

While it's lovely to think that everyone in a company can contribute to fraud prevention, the truth is, it takes a unique blend of skills, expertise, and intuition to effectively combat fraud. In a world where fraudsters are constantly evolving their tactics, it's essential to recognize the value of specialized knowledge.

So, what sets a true fraud fighter apart from the rest?

As the world becomes increasingly digital, the demand for skilled fraud fighters has skyrocketed. Yet, there's a notable shortage of experienced professionals who possess the right mix of technical expertise, critical thinking, and adaptability to tackle the evolving landscape of fraud.

At a few stops in my career, I had been tasked with building a team of top-notch fraud fighters from scratch. Easy.

Not so fast. I quickly discovered that finding exceptional talent was easier said than done. The talent gap in the fraud prevention field had made it challenging to locate skilled fraud fighters with the right combination of technical expertise, adaptability, and problem-solving skills.

My initial attempts to fill the open positions were met with frustration and disappointment. Was I asking too much? Were my standards too high? Was I missing something?

To this day, I'm still fine-tuning this. I'd be lying if I said I got every hire correct. But here is how I think about it:

1. A solid understanding of technology and data analysis

2. Familiarity with fraud detection tools and techniques

3. Strong problem-solving and critical thinking abilities

4. The ability to adapt to changing trends and tactics

5. Excellent communication and interpersonal skills

The Old Way to Hire

The lack of skilled fraud fighters not only held the company back but also crushed the existing team. Again, I'd be lying if I didn't think it was affecting my reputation (...and maybe a bit of my ego).

Fraudsters don't care how long, or quick, it takes me to hire. They don't care how many people I hire, or don't hire. They know they can make money, and they're sticking to it until it's easier somewhere else. We were a target - leaving me in a race against time.

I needed to change our approach to team building. I knew that my team needed to be strong, adaptable, and driven by a shared commitment to fighting fraud. But how could this be achieved this in such a competitive landscape and a wide gap in skills?

1. Relying on traditional recruitment channels

2. Emphasizing formal qualification

3. Finding specialists with deep expertise in a particular area

4. Failure is a negative outcome

5. Limited flexibility

But why would we try to hire that way if getting into fraud in the first place is far from the traditional route? Doesn't make sense.

The New Way to Hire

The talent gap in the fraud prevention field is a challenge for many organizations, making it tough to find and keep top talent. But what if we told you that challenging assumptions could be the key to overcoming these difficulties?

1. Leverage Your Network & Industry Connections Harness the power of your network and industry connections to unearth exceptional fraud fighters. Forge partnerships with universities, associations, and recruiters to access a broader talent pool. Your connections are invaluable—make them count.

2. Encourage Constructive Disagreement Foster a culture of constructive disagreement, where diverse opinions spark innovation and keep your team one step ahead of fraudsters. Embrace the value of open debate to drive creativity and stay ahead of the game.

3. Embrace the Power of Diverse Skill Sets The old way of hiring often focuses on finding specialists with deep expertise in a particular area. By exclusively focusing on specialists, you may be missing out on the potential of generalists. Cultivate a resilient and adaptable team by embracing failure as a catalyst for success.

4. Embrace Failure as a Learning Opportunity Failure is inevitable. Instead of seeing failure as a negative outcome, embrace it as an opportunity to learn and grow. By fostering a culture that views failure as a stepping stone to success, you can help your team become more resilient and adaptable.

5. Look Beyond the Obvious Venture beyond the obvious and tap into unconventional talent pools. Seek professionals from other industries, those with non-traditional educational backgrounds, or self-taught experts. Discover untapped potential and build a truly dynamic team.

Rise above the talent gap in fraud prevention and forge an unstoppable team by defying conventional wisdom and boldly adopting your style. Embrace generalists' diverse skills, encourage open dialogue, view failure as growth, and seek talent in unconventional places to create a dynamic, powerful fraud prevention team that triumphs over ever-changing challenges in the field. Stand tall and believe in your team's boundless potential.

As an ambitious fraud leader with your sights set on career growth, dare to challenge assumptions and venture beyond the familiar. By embracing this trailblazing mindset, you will not only forge a formidable fraud prevention team but also cement your status as a visionary leader in the industry. Your moment is now—seize it with unwavering confidence and relentless determination!

See you again next Friday in your inbox.

​Brian