Is Your RFI/RFP Process Incentivizing Vendor Bad Behavior?

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In this solo episode of Fraudology, host Karisse Hendrick explores the pitfalls of relying solely on RFIs (Request for Information) and/or RFPs (Request for Proposals), and how they often lead to unintentional consequences that too many fraud technology buyers (merchants, fintech, Financial Institutions, etc.). While this has been a longtime, standard practice used to compare & select 3rd party technology partners, Karisse has seen too many that end up incentivizing bad behavior from potential vendors.

What kind of bad behavior could be initiated with the submission of an RFI or RFP to a potential solution provider? -Tailored responses to fit buyers' preferences, and not necessarily the features of their own products, high pricing, being sold additional services that aren't necessary, contract loopholes, and ultimately selecting the solution provider that tells you what they know that you want to hear, and not what is necessarily accurate.

In this episode, Karisse provides an in-depth overview of common mistakes that are made in RFIs/RFPs sent to fraud providers, how those can be manipulated to tell you what you want to hear, and often lead to frustration a few months after implementation when you realize the product/service wasn't as good as they made it sound. And starting off a relationship with a new client on the wrong foot isn't good for the vendor and their long-term business goals, either.

Karisse also shares why she doesn't rely on traditional RFI/RFP processes when working with clients to select new solution providers for their fraud & payments needs. Instead, she emphasizes the importance of listening to user feedback, highlighting themes of customer satisfaction and dissatisfaction, and hopefully relying on the ultimate gold standard for vendor selection: A live POC (Proof Of Concept).

Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line.

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She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.