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Fintech Insider Podcast by 11:FS
819. News: AI fraud is on the rise and Natwest to offer IP-based lending
Jan 22, 2024
In this episode, the guests discuss the emerging risk of AI fraud according to ComplyAdvantage's State of Financial Crime Report. They also cover Natwest's venture into intellectual property-based lending, Mastercard's launch of Small Business AI, ipaymy's automated invoice platform for SMBs, Revolut's partnership with tech firm Jabil to scale mobile POS, and Santander's efforts to hoover up tech talent for digital overhaul. Lastly, they explore the revelation that our fingerprints may not be unique after all.
01:06:44
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Quick takeaways
- AI fraud is an emerging risk, with 66% of companies concerned, posing risks to consumers and leaving 60% of customers uncomfortable with their banks using AI.
- NatWest's IP-based lending allows businesses to use intellectual property as collateral, opening up new funding opportunities for those with unconventional assets.
Deep dives
AI Fraud On the Rise
A new report highlights the growing threat of AI fraud, with 66% of companies deeming it a concern. The use of AI by fraudsters is becoming more prevalent, posing risks to consumers. Companies are investing heavily in AI to combat fraud, but 60% of customers still feel uncomfortable with their banks using it. The report also reveals that many banks are not effectively communicating their use of AI to customers.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode