Name: 4 Game-changing benefits of modernizing your fraud and dispute management
Uploaded: 2024-02-07T11:09:22.791Z
Duration: 2599.6

Quavo webinar.mp4

Quavo webinar.vtt

ENGLISH

Hello and welcome to our first
Finovate webinar of 2024.

Joining me today is Joseph McLean
he is founder and CEO of Quavo

Fraud and Disputes, and we're
going to be talking about four game

changing benefits of modernizing
your fraud and dispute management.

There's going to be an opportunity
for folks who are listening

We're going to take care of those toward
the end of our conversation today.

But I wanted to go ahead and get us
started off, maybe from the top, with

you telling us a little bit about
yourself and the founding of Quavo.

I'm the CEO and one of the, one of
four co founders of Plavo, where

we do specialize in back office
fraud and dispute processing.

I've spent 25 years in banking and
in the fraud and dispute space.

I started with a, credit card
company when I was in college

And then I moved, over to the
Bank of America through that

And continued my journey in technology
and in front of disputes until 2016

when a few of us decided that the time
was right to leave the giant corporate

America space and move into a market
that we were very familiar with and

we thought was underserved, which
is the back office processing of.

So that really was the impetus to
to the beginning of this company.

So we started off doing a lot of
services work and we bootstrapped

It was very difficult and continue
to, build out our product.

And I would say it took us a good four
years to get to the place where we

thought it was where we wanted it to be
and very stable and marketable and it's

Our, market shares we've, solved
those problems for issuers

Some of these problems are some
of the things that I want to

I like how you pointed out carving a niche
with regard to back office operations

I wonder if you could talk to us about
some of the biggest challenges that

these FinTechs and these issuers are
having when it comes to these issues.

I we, generally bucket into, four
different items that, a bank or a

FinTech will be having and, these
issues, they could be having one of

these issues or all four of these issues.

A lot of times it depends on the,
portfolio, whether you're dealing

with prepaid or, wage cards or
subprime or credit unions or,

You see the variety, but the four
issues that we almost always see.

Where people are having a hard
time solving are regulatory.

So we've got Reg E and Reg Z, where
there's a lot of requirements around

unauthorized transactions and timing
and account holder communication

that, that can be challenging
for financial institutions.

The, second piece is really
around back office expenses.

Typically, people are solving this
problem by throwing a lot of bodies at it.

which is in a cost effective way,
especially considering it's a compulsory

piece of work for a financial institution
where by reg they have to do it and Visa

and MasterCard have requirements around
it as well, so if you want to issue their

products, this is something you have to
solve, and what we do see is financial

institutions generally solving it with
people, which can be very, expensive.

The third problem that we
typically see is around loss lines.

It's something that everybody's
familiar with and most people have

been a victim of at some point in
time, and it's not ending anytime soon.

So banks will always be challenged
with how to reduce their fraud losses.

Fraud prevention in the front end is
one way, but also in the back end,

there's a lot of ways to recover and
make sure that you, as a financial

And really, the fourth pillar
that we talk about a lot is, and

this is my favorite one, it's
account holder experience, right?

How do we ensure that our clients
customers are receiving the best

possible experience that they
can in a difficult situation?

Nobody likes having
fraud on their account.

Nobody likes having to
dispute a transaction.

But how do we make that as easy
as possible and solve it as

quickly as we possibly can on
behalf of financial institutions

And again, I liked the point that you
made again, distinguishing between

fraud prevention and some of the
things you talked about in terms

And you also mentioned some of the
things that FIs are doing right

now, trying to address the problem
that perhaps aren't addressing the

You talked about, for example, the
people, throwing the people at it problem.

I'm wondering is that sort of the main
failing that a lot of the FIs are doing?

They're either throwing people
or money at the problem?

What are some of the things that they're
trying to do and they're just not working?

I am as I stated at the top, I've
spent a lot of time in banking,

and I've seen a lot of, I've worked
in a lot of these, what we call

Whether it be customer complaints
or a credit bureau disputes

Finovate Webinars

Best Practice

Financial institutions suffer billions in losses, expenses, and fines every year due to fraud, and the resultant impact on customer trust and loyalty presents an even bigger problem. 77% of customers say they would leave their bank if they do not receive a refund for fraud, yet conversely, 80% say they would leave their bank for blocking a legitimate transaction. Is there any way to win this battle? Absolutely! But financial institutions must be willing to move away from antiquated systems and outdated processes that can no longer keep up with ever-evolving fraud and account holder expectations.

After nearly 20 years of working disputes at a top two bank and dealing first-hand with the challenges of outdated systems, Joseph McLean, Founder & CEO of Quavo Fraud & Disputes stepped out on his own to develop a better solution to significantly:

Reduce losses
Enhance the account holder experience
Improve operational efficiencies
Ensure regulatory and network compliance
How did he do it? What were the results? What are financial institutions saying about the AI-driven automation technology that has transformed fraud and dispute management? 