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Fintech Takes
S9 E4: Trust is a Two-way Street
Oct 23, 2024
Nina Mohanty, Founder and CEO of Bloom Money, talks about first-party fraud and its rise, sparked by trends like the "infinite money glitch" on TikTok. She highlights how the surge in fintech usage during the pandemic led to increased disputes and fraud, often overlooked by many companies chasing growth. The conversation delves into balancing consumer protection and accountability, exploring the ethical dilemmas faced by the industry and the complexities that threaten trust in financial services. A must-listen for anyone interested in fintech ethics!
01:08:46
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Quick takeaways
- The rapid rise of first-party fraud, exacerbated by trends like the infinite money glitch, signifies a troubling shift in consumer behavior towards financial exploitation.
- Neobanks' aggressive growth during the pandemic, coupled with lax verification processes, has led to a dramatic increase in disputed transactions and scams.
Deep dives
The Rise of First Party Fraud
Recent trends indicate a significant uptick in first party fraud, particularly among neobanks that rapidly onboarded new users during the pandemic. Instances of fraud cases are skyrocketing due to the lack of stringent verification processes that traditional banks typically employ. Consumers are often exploiting loopholes in systems, leading to a growing culture of 'gaming' payment services without realizing the implications. This behavior signals a shift in consumer psychology, where individuals may not comprehend the gravity of their actions, thinking of them as harmless tricks rather than illegal activities.
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