Fintech Insider Podcast by 11:FS 956. Insights: The product leader’s guide to fighting fraud
Apr 24, 2025
Monica Millares, Chief Product Officer at BigPay, focuses on digital natives in Southeast Asia, while Tony Brancato, from Charlie, champions banking for retirees. Joe Colchester, leading product at 11:FS Pulse, shares insights on combating modern fraud. They dive into sophisticated scams, including AI-driven tactics and emotionally manipulative strategies. The conversation explores how fintechs are leveraging technology to create robust defenses, emphasizing the importance of proactive education and tailored strategies, especially for vulnerable populations.
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Modern Fraud and Fintech Defense
- Fraud is evolving with digital payments, utilizing AI, deepfakes, and emotional manipulation like romance scams.
- Fintechs counter this by using similar technologies for fraud defense, leveraging their agility against traditional banks' risk mitigation.
Retirees and Romance Scams
- Tony shares retirees often fall for romance and celebrity impersonation scams on platforms like Facebook.
- Scammers exploit loneliness by promising investment returns from fake celebrity connections.
Education as Early Fraud Defense
- Education significantly reduces scam susceptibility; warned individuals are 80% less likely to be scammed.
- Quick alert systems like fraud newsletters help raise awareness before scams happen.