Fintech Insider Podcast by 11:FS
916. Insights: How fintech can fight back against the fraudsters
Nov 21, 2024
Ilya Brovin, Chief Growth Officer at SumSub, Vinita Ramtri, Senior Fin Crime Leader at a UK challenger bank, and Dave Laramy, SVP at Danske Bank, discuss the rising trend of fraud in fintech. They highlight the complexities of fraud in the digital age, driven by AI and blockchain advancements. The trio emphasizes the importance of collaboration among banks and law enforcement for effective fraud prevention. They also cover the implications of UK regulations shifting the responsibility of fraud prevention back to organizations, urging for enhanced transparency and accountability.
45:59
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Quick takeaways
- The alarming rise of fintech fraud is driven by increased online transactions, evolving technologies, and minimal prosecution rates for criminals.
- Leveraging artificial intelligence for both identifying fraud patterns and enabling coordinated efforts among firms is crucial for effectively combating fraud.
Deep dives
The Alarming Growth of Fraud in Fintech
The rise of fraud in the fintech sector is alarming, particularly during the transition from 2023 into 2024. Increased online transactions and the shift toward challenger bank models present more opportunities for fraudsters to exploit. There is a notable growth in fraud rates that outpaces even digital commerce, indicating that fraudsters are adapting and winning in this landscape. The report highlights that emerging technologies, especially in artificial intelligence and deepfakes, have made fraud easier to execute, creating a significant challenge for the industry.
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