Fraud has been a hot topic in the news as of late, featuring eye-catching headlines such as Paypal's recent discovery of 4.5 million "illegitimately opened" accounts, high profile crypto scams, and apps like Sardine rushing in to solve the day with fraud detection services.
For obvious reasons, fraud has always been a problem within financial services. As the fintech world continues to explode, and options as well as money flow channels increase, fraud is becoming more frequent and harder to detect.
Everyone is affected by fraudsters, but ultimately the banks or neobanks who are in possession of funds are the players that bear the brunt of the problem. At the end of the day, the money lost is coming out of their bottom line. Central banks and governments are also particularly at risk, with institutions like the Internal Revenue Service receiving millions of attacks per day.
Luckily, there are brilliant minds on the defense. People like Livia Benisty, financial crime and regulatory intelligence expert, are working everyday to mitigate risk and lessen the burden of fraud on our financial institutions and daily lives.
Listen to our conversation below from October 2019 and read her full interview to learn more.