Introduction:
In a world where women own only one in three businesses, Cathy Ross, the Co-founder and President of Fraud.net, stands as a shining example of a female leader who exemplifies the strength and resilience that women bring to the entrepreneurial world. Her leadership style and unwavering entrepreneurial spirit demonstrate the significant contributions women leaders can make to businesses of all sizes.
The Need for Women’s Leadership:
Despite facing numerous obstacles, women entrepreneurs are making their mark, with women outpacing men in starting new businesses. In an increasingly interconnected world, the leadership, perspectives, and entrepreneurship of women are more vital than ever. Cathy Ross not only embodies this empowerment but champions the mission of empowering women in business and entrepreneurship.
Cathy’s Inspiring Journey:
Cathy’s journey began near Cape Canaveral and the Kennedy Space Center in Florida, where her first dream was to become an astronaut. Her grandmother instilled in her the belief that she could achieve anything, and she was further inspired by teachers who made learning enjoyable and helped shape her career path. Initially, she worked in finance and investments, but her career took a pivotal turn when she joined an e-commerce company called MotherNature.
The Birth of Fraud.net:
Cathy’s experience on the receiving end of digital payments revealed alarming fraud rates and gaps in online payment infrastructure. Recognizing the lack of visibility into fraud attacks and fraud data, Cathy and her team sold the e-commerce company and founded Fraud.net. This innovative company provides real-time, enterprise-strength fraud management infrastructure and utilizes collective intelligence to proactively identify and stop fraudsters. The company’s AI models play a crucial role in fraud prevention and continue to advance.
Women Leadership Over the Years:
According to Cathy, women’s leadership in technology companies has evolved alongside the shift towards a knowledge-based economy. Technological advancements have transformed work dynamics from traditional top-down hierarchies to more collaborative, matrixed organizations. This shift has favored women, emphasizing creativity, openness, and horizontal relationship-building across the organization.
Ensuring Workforce Diversity:
Cathy emphasizes the importance of diversity and its benefits beyond gender. Diverse work environments with various perspectives and life experiences lead to better business outcomes. Studies have shown that diverse and inclusive company cultures are more innovative, resilient, and adaptable to market changes.
Leadership During the Pandemic:
Cathy’s leadership approach during the pandemic focused on keeping the team inspired, focused, and productive. She believes in aligning everyone towards a common goal and maintaining clear communication to prevent any sense of organizational drift.
Women’s Empowerment at Fraud.net:
Fraud.net’s approach to women’s empowerment includes talent strategies, mentoring, training, and promotion programs. They foster an entrepreneurial culture that allows employees to take risks and explore new roles, which Cathy believes is empowering and provides invaluable experience.
Advice from Cathy:
Cathy emphasizes the importance of accepting mistakes as part of the empowerment process. Innovation often involves errors, and leaders should support their teams when trying new ideas or approaches.
Favorite Aspect of Being a Woman Leader:
Cathy finds inspiration in her role when she shares feedback from clients, discusses new market opportunities, or highlights innovative projects with her teams. This communication is not only inspiring to her colleagues but also personally fulfilling for her.
Feminism to Cathy:
For Cathy, feminism is about empowering women in various roles and valuing their contributions. It means recognizing the worth of a stay-at-home mom as much as that of a female CEO.
Expectations for 2023: Cathy expects that the pandemic-driven surge in fraud activities will continue to pose challenges for businesses. In the post-COVID era, she foresees an ongoing need for resources devoted to fraud detection and prevention, making her optimistic about Fraud.net’s role in helping clients navigate this “new normal” in fraud prevention.