Fintech Layer Cake cover image

Fintech Layer Cake

Alloy’s State of Compliance Report with CEO Tommy Nicholas

Nov 2, 2023
Reggie Young interviews Tommy Nicholas, CEO of Alloy, discussing the challenges of fraud in fintech and the future of banking. They explore the increase in risk tolerance among fintechs, simplify audits and understand fraud in the card space, manage card issuing complexity in the fraud space, build trust with banks and mature fintechs, and discuss overlooked topics in fintech such as market reorientation and the community banking crisis.
42:01

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Strong authentication and verification methods are crucial in preventing fraudulent activities in a digital environment.
  • Automation plays a vital role in streamlining compliance processes and enhancing efficiency for Fintechs.

Deep dives

Fraud methods are evolving and becoming more complex

Fraudsters are becoming more sophisticated in their methods, and it is important to focus on understanding the person behind the fraud, rather than just the fraudulent transactions. In a digital environment, it is crucial to assume that fraudsters are constantly finding ways to bypass controls and spending money to deceive the system. This insight highlights the need for strong authentication and verification methods to prevent fraudulent activities.

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