Frank Takes: Lone Wolf Fraud Fighters, You Are Not Alone

Frank Takes is a quick summary of insights and findings from the popular industry blog Frank on Fraud, written by renowned fraud expert Frank McKenna, co-founder and Chief Fraud Strategist at Point Predictive.

Janice is a fraud manager who manages fraud, not people. She’s a one-person department, battling a growing queue of fraud cases and questions from other departments. She loves her job but often wonders if her company truly takes fraud seriously.

Thousands of Lone Wolf Fraud Fighters

Janice’s situation is not unique. Hundreds, if not thousands, of fraud fighters work alone or feel isolated in their efforts to combat fraud within their organizations. Despite their dedication, they constantly face battles to convince their companies to take fraud seriously.

The Story of Abandonment

Many lone wolf fraud fighters share similar stories of initial support, rapid rise, subsequent abandonment, and eventual departure. Here’s a common narrative:

1. Initial Belief and Promotion: An executive recognizes the need for a fraud specialist and champions the role, promoting someone with a passion for fraud.
2. Rising Star: With the executive’s support, the fraud specialist becomes the go-to expert, handling training, policies, fraud cases, and reporting. They thrive in their role.
3. Changing Environment: The departure of their executive sponsor marks the beginning of a challenging period. The specialist’s role becomes marginalized, and they struggle to gain support for fraud initiatives.
4. Lack of Investment: Without backing, there’s no budget for fraud technology or staff, and fraud becomes a niche, non-strategic concern.
5. Organizational Shuffling: The fraud specialist is moved around within the organization, reporting to managers who lack understanding or interest in fraud.
6. Leaving for Better Opportunities: Frustrated, the specialist seeks a new job with a company that values fraud prevention and eventually leaves.
7. Company’s Fraud Losses Rise: After their departure, the company’s fraud losses skyrocket, validating the specialist’s efforts and expertise.

You Are Not Alone

Despite feeling isolated, lone wolf fraud fighters are part of a larger community. Numerous communities and resources are available for support and connection:

• AboutFraud: Known as Fraud Fight Club with over 23,000 fraud fighters.
• The House of Fraud: A community bringing fraud fighters together.
• Bad Fraud Advice: Offers inspirational and informative advice.
• Fraudology: The world’s most informative fraud podcast.
• The Brett Johnson Show: Provides insights into fraud from Brett Johnson.
• The ACFE: The largest fraud organization globally.
• The IAFCI: The original fraud fighters collaboration group.
• The Knoble: Fraud fighters focused on good causes.

Lone wolf fraud fighters should remember that just because no one listens doesn’t mean they’re wrong. Their job is to keep advocating until someone listens.

Please note that any opinions expressed in this piece are solely those of the individual author and do not necessarily reflect the views or opinions of the company. For the full article, visit Frank on Fraud.