Tonight, I’m writing up a section of the Business Description on Fraud Prevention. FundRazr will handle lots of money online. As a result, it will be the target of criminal activity. We must do many things to protect ourselves.
As I was writing up our prevention and protection strategy, it struck me that many of our competitors do not appear to take the same care that we intend to. Frankly, this is tough stuff and potentially big issues. I think we have a good handle on the potential problems and some good solutions to prevent or address them. In my experience, many people would not be able to even identify and understand the problems let alone create innovative and cost effective solutions to them. Given what we know of the problem it appears we are on the right track.
However, it does makes me wonder three things:
- Are we trying too hard to do it perfectly and therefore slowing ourselves down?
- Are we putting additional barriers in front of ourselves that less “thoughtful” competitors ignore and therefore gain competitive advantage on us?
- Is there a competitve positioning opportunity in their lack of due dilligence? After all, there is a large “trust” component to the appeal of our service.
I want to do this “right” and “well” but I also don’t want to create a monster specification that keeps us from becoming successful. To our credit, the fact that we are willing to ask these questions and consider the possible answers will keep us out of trouble (me thinks).
If you have any feedback on this topic, don’t hold back…