How to Start and Grow a Fraud Prevention Company
How to launch a fraud prevention startup
Emailage Chief Product Officer Amador Testa has been part of the growth of notable companies, such as American Express and Citigroup. With startup and enterprise experience spanning more than two decades, he offers advice on how to launch and grow a successful fraud prevention company in this helpful video. Much of the advice also applies to those who seek to work for startups and fast-growing fraud prevention companies.
7 keys to starting a fraud prevention company
Having joined Emailage in its early days, Testa shares the lessons he’s learned starting and growing a company. Whether you’re looking to launch or join a startup as part of your fraud prevention career, consider these seven tips:
- Expect excitement and challenges. Starting or being employed by a startup is a fun experience — you’re part of creating something new with a small team that’s incredibly connected and able to brainstorm together frequently. You’re able to try more than you might at a large company because the risks are generally less significant. Conversely, funding can cause challenges for founders and employees alike. Startups may also have considerable reliance on a specific partner, which can cause issues — particularly if that partner ceases its business. Testa’s advice is to work toward relying less on external resources over time.
- Learn and adapt. When you make a mistake or something doesn’t go as planned, it’s critical to take a step back and learn from that experience. Those lessons can lead to a much-needed pivot or increased adaptability.
- Ensure innovation is unique. Globalization makes the marketplace even more competitive, and others could copy your company’s offering and steal your market share. To combat that challenge, you need to ensure your product or service has unique differentiators — and set up your company for success by investing in its culture and employees.
- Keep improving and moving forward. It’s crucial that you don’t rest on the success of early initiatives and innovation. Keep moving forward and continually innovating to ensure your company outpaces competitors. Testa points out that Emailage is always looking toward the future and wondering what should come next in an effort to continue to perfect our product. He warns that competitors may see your company’s success as an opportunity to imitate your offering.
- Don’t try to be all things. Testa highlights one of Emailage’s early mistakes: trying to do everything. It took the development of a few unsuccessful products in the early days of the company for the team to quickly learn the importance of focusing on the core product. We then adapted the approach of adding other capabilities only after we’d done the research and validated their utility and demand.
- You’ll need to wear multiple hats and give it your all. Startup founders and employees alike need to fill various roles. Testa continues to be very involved in the sales process, customer success and content marketing strategy, in addition to his leadership role on the product team.
- Surround yourself with good people. It’s important to hire people who share the vision for your fraud prevention company and the underlying problem you’re solving, as they’ll remain dedicated and committed to the work.
Starting or working for a startup can be incredibly rewarding. Testa’s advice will give your company a significant shot at success.
Want to learn more from Testa? Check out his articles on the Emailage Knowledge Hub.