Behind the Money As digital scams surge, who’s responsible?
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Dec 31, 2025 In a dive into the world of digital fraud, Carolina Garces, Global Head of Financial Crime Risk at Citi, highlights the challenges of cross-border scams and the need for enhanced digital literacy. Helen Child, CEO of Open Banking Excellence, discusses establishing trust frameworks for the fintech ecosystem. Elliot Smither shares eye-opening real-world scam stories, while Ethan Salathiel from KPMG advocates for a collaborative approach to fraud detection using AI. Together, they explore who's responsible for consumer protection in this dangerous online landscape.
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Deep‑Fake Romance Scam
- Elliot described a live deep‑fake used to trick a woman into thinking she was speaking to a retired dentist.
- She lost about $150,000 and the software was being sold as a subscription on the dark web.
Fraud As Organised Business Model
- Ethan noted fraud now looks like organised business models selling services to criminals.
- He urged the financial sector to act as a network and tackle fraud end‑to‑end, not just at cash‑out points.
Prevention Is A Continuous Task
- Carolina emphasised fraud prevention is a continuum requiring constant improvement.
- She warned most scam genesis happens outside regulated ecosystems, so broader action is needed.