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CRM Fraud Protection

By Matt Korosi

Financial institutions implement Customer Relationship Management tools for many different reasons.  In most cases it is because we want to capture valuable information about the prospect that we can use to help us close the sale.  Here is a new way to use your CRM that is not typical but is quickly becoming a requirement during officer calls and visits. 

The topic is “Fraud” and how banks and credit unions need to protect themselves and their customers.   We know you have products that help your customer reduce the risk of being a target of fraud.  An example would be Positive Pay or Out of Band Authentication.  Sorry to say, sometimes a customer does not find it necessary to implement one of these products due to time or expense. 


It is now very important that every calling officer document the fact that they have strongly recommended that the customer implement products that will reduce the risk of fraud.  If you are using a CRM system, an officer calling report that documents the conversations and product offers is the best place to store this information. 

You might ask, why is this important?  The reason is that if a customer is a victim of fraud and there is financial loss, the customer in most cases will go back to your financial institution to seek compensation for the loss.  If your calling officers have documented conversations along with the customer refusal to implement safeguard products, your financial institution will have easy access to these conversations and most cases not be held liable in a court of law. 


With the advent of digitally produced call reports which are dated and time stamped, CRM systems are perfect for storing customer history for documentation purposes.  This important documentation could save your institution from potentially huge losses. 


If you have yet to implement a system to manage your officer calling program, now is an excellent time to take a look at Quest Analytics IQProspects.  Built specifically for the demanding needs of banks and credit unions, IQProspects provides the automated features you need to manage your bank’s deposit and lending activities.  For customized loan workflow, Microsoft Outlook integration, officer call tracking, core banking system integration and automated pipeline management, IQProspects is the application to help your bank grow quickly and effectively.