TARGETING FINANCIAL FRAUD
VPN: ensuring success and growth over long-term
© Raeed Ahmed 2023
TD is well-positioned to reach full capabilities and become the top bank
Current Situation
Overarching Aspirations
Decision Criteria
Differentiated through customer-focused brand
Talented and innovative iD8 team
High opportunity to increase customer loyalty through technological advancements
High threat concerning financial security
Create a forward-focused & innovative, using proven-business models, strategy to allow reduce fraudulent risk, increasing confidence amongst consumers’ financial security.
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Ensuring confidence to users’ financial security through easily-accessible measures
Reducing implicit and explicit costs associated with fraudulent risks
RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
Consistency with organizational & management preferences
© Raeed Ahmed 2023
Laying out strategic, tactical and operational solution details
Over ⅓ of users using internet fall victim to public-wifi attacks (Atkin, 2019)
There’s a 44% increase in mobile banking, compared to 2016 (CBA, 2020).
Reducing fraudulent risk and causes
FEASIBILITY: How can work to our strengths?
COMPLETE: How can we target all decision criteria?
EFFECTIVE: How can we target weak consumer decisions and how will this improve TD in the long term?
Partner with leading VPN service to implement security measures, disallowing vulnerability when using unsecure/public wifi
ENVIRONMENT
MANAGEMENT PREFERENCES
RESOURCES
ORGANIZATION
STRATEGY
RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
© Raeed Ahmed 2023
Increasing customer confidence through KSFs; environment
TARGET WEAK CONSUMER DECISIONS
ENCOURAGE PERSONAL PROACTIVITY
INCREASING CUSTOMER CONFIDENCE
STRATEGY
MANAGEMENT PREFERENCES
RESOURCES
ORGANIZATION
ENVIRONMENT
RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
© Raeed Ahmed 2023
This strategy aligns with TD’s preferences, missions, and values; organization
STRATEGY
MANAGEMENT PREFERENCES
RESOURCES
ENVIRONMENT
ORGANIZATION
Be the Better Bank
Customer-Focused
Forward-Thinking
Innovative
Applicable to Other Areas
Gives Ease of Mind
Updating Security
RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
© Raeed Ahmed 2023
This strategy aligns with TD’s preferences, missions, and values; organization
STRATEGY
MANAGEMENT PREFERENCES
RESOURCES
ENVIRONMENT
ORGANIZATION
Be the Better Bank
Customer-Focused
Forward-Thinking
Innovative
Applicable to Other Areas
Gives Ease of Mind
Updating Security
RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
Customer-Focused
Forward-Thinking
© Raeed Ahmed 2023
This strategy aligns with TD’s preferences, missions, and values; organization
STRATEGY
MANAGEMENT PREFERENCES
RESOURCES
ENVIRONMENT
ORGANIZATION
Be the Better Bank
Customer-Focused
Forward-Thinking
Innovative
Applicable to Other Areas
Gives Ease of Mind
Updating Security
RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
© Raeed Ahmed 2023
Reducing fraudulent attacks to allow for reallocation of resources; resources
STRATEGY
MANAGEMENT PREFERENCES
ORGANIZATION
ENVIRONMENT
RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
Efficient Reallocation of Resources
Results in
Less Fraud
Less Information Compromised
Encryption
RESOURCES
© Raeed Ahmed 2023
Implementation | GANTT Chart
| Short Term | Medium Term | Long Term | |||||||||
Month | 01 | 02 | 03 | 04 | 05 | 06 | 07 | 08 | 09 | 10 | 11 | 12 |
Research VPN Companies | | | | | | | | | | | | |
Partnership Proposal | | | | | | | | | | | | |
Update Fraud Protocol | | | | | | | | | | | | |
Partnership Agreement | | | | | | | | | | | | |
VPN Test Group | | | | | | | | | | | | |
Marketing Campaigns | | | | | | | | | | | | |
Launch VPN | | | | | | | | | | | | |
Analyze Fraud Percentage & Feedback | | | | | | | | | | | | |
Company-Wide Ceremony at iD8 Event | | | | | | | | | | | | |
RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
© Raeed Ahmed 2023
Implementation | Risks and Mitigation
RISKS
SIGNIFICANCE
MITIGATION
TD has trouble forming a partnership
Customers are uninterested in a VPN proposal
A subset of customers are still defrauded
IMPACT | | | |
| | | |
| | | |
PROBABILITY | |||
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3
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2
3
Emphasize a mutually beneficial relationship
Prolong the testing phase with VPN provider
Extend liability coverage for customers who choose to use VPN
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RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
© Raeed Ahmed 2023
Current Total in Fraud Reimbursements
(Kanda, 2020)
Percentage of Preventable Attacks
(Internet Society, 2019)
Expected New Total in Fraud Reimbursements
Projected outcome calculations through VPN implementation
$193.5
Million
95%
$55
Million
~75%
RECOMMENDATION
PEST
INDUSTRY OVERVIEW
CURRENT SITUATION
COMPANY INSIGHTS
EXPECTED OUTCOMES
IMPLEMENTATION PLAN
RISKS AND MITIGATION
ANALYSIS; DIAMOND-E
© Raeed Ahmed 2023
In summary...
Increase customer confidence
Align With TD’s Mission
Reduce Costs
Customers are able to safely online bank anywhere
Solution innovates and keeps customers satisfied
Reduce subsidizing costs
© Raeed Ahmed 2023
APPENDIX
© Raeed Ahmed 2023
APPENDIX A | Expected outcomes calculation
© Raeed Ahmed 2023
APPENDIX B | Risks and mitigation; contingency specified
Risk:
Customers are uninterested in VPN
Contingency:
After several months, highlight the benefits that VPN users can enjoy as a result of making the switch
Risk:
No major VPN providers are willing to partner with TD
Contingency: TD can create its own VPN service specifically made for the purpose of digital banking
Risk:
Some customers still face fraud
Contingency:
Increase customer confidence by publishing cybersecurity tips
© Raeed Ahmed 2023
APPENDIX C | TD mission statements; organization
(TD, 2019)
© Raeed Ahmed 2023
APPENDIX D | Per annum costs for implementation
© Raeed Ahmed 2023
References
Alex Coop. (2020, August 11). Nearly 70% of fraud phishing attacks are directed at Canada: RSA report. IT World Canada. Retrieved from: https://www.itworldcanada.com/article/nearly-70-of-fraud-phishing-attacks-are-directed-at-canada-rsa-report/434380#:~:text=Phishing%20remains%20the%20go%2Dto,by%20the%20Dell%20Technologies%20subsidiary
Canadian Bankers Association (CBA). (2020, March 2). Protecting Canadians from fraud. Retrieved from: https://cba.ca/protecting-canadians-from-fraud
Carayannopoulos, S. (2019). TD Case Report. Retrieved from: https://drive.google.com/file/d/1ScYqe3AKOG6H6YB3ymptDipQ0K9G5sjj/view
Internet Society. (2019, July 9). 2018 Cyber Incidents and Breach Trends Report. Retrieved from: https://www.internetsociety.org/wp-content/uploads/2019/07/OTA-Incident-Breach-Trends-Report_2019.pdf
© Raeed Ahmed 2023
References
Joanne Atkin. (2019, August 13). As internet fraud increases, beware the perils of using public WiFi. The Money Pages. Retrieved from: https://www.themoneypages.com/latest-news/internet-fraud-increases-beware-perils-using-public-wifi/#:~:text=According%20to%20figures%20from%20the,received%20fraudulent%20emails%20and%20messages
Passport. (2020, November). Financial Cards and Payments in Canada. Retrieved from: https://www-portal-euromonitor-com.libproxy.wlu.ca/portal/analysis/tab
Samuel Kanda. (2020). Commercial Banking in Canada. IBIS World. Retrieved from https://my-ibisworld-com.libproxy.wlu.ca/ca/en/industry/52211ca/major-companies#major-players
Steven, G. (2020). The Best VPN Services. Retrieved from:
https://hostingcanada.org/best-vpn/
© Raeed Ahmed 2023
References
TD Bank Group. (2019). 2019 Annual Report. Retrieved from: https://www.td.com/document/PDF/ar2019/ar2019-Complete-Report.pdf
Tiffany Wang. (2020). TD Live Case Recommendation. Toronto, Ontario.
© Raeed Ahmed 2023