Harsh Daiya Staff Software Engineer at Paypal
As a result of the lightning-speed changes in financial technology (fintech), preventing fraudhas become increasingly important. In their bid to deliver the most streamlined and customer-friendly financial services, fintech companies face significant headwinds from fraudulent activities. Regulatory frameworks mold strategies that limit firms while...
17 July 2024 /payments /regulation RegTech
Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions
Fintech Mafia Carousel Pumping is the circular shilling of one another's financial products and services by a bunch of fintech founders with least regard for truth or consumer interest. I recently came across the following exhibit of Fintech Mafia Carousel Pumping on LinkedIn. ========== Why do some of us trust Barclays or Bank of America more tha...
16 July 2024 /regulation /retail
Erica Andersen Marketing at smartR AI
In a recent talk I attended, a legal expert advised against inputting personal data into AI models. But is this blanket statement truly accurate? The reality is far more nuanced, especially when we consider GDPR, the gold standard for personal data protection. This article explores how GDPR intersects with the use of personal information in AI mod...
16 July 2024 /ai /security Artificial Intelligence
Kaustuv Ghosh Founder at Nxtgen Payment Infra. Prometheus Labs.
Introduction This blog is based on an article co-authored along with Matthew Lamons, CEO of The Intelligence Factory and is an edited version of the same article. As a matter of introduction and context, we work closely together to enable strategic decisioning and risk mitigation through AI. We felt that the current global risk situation requ
16 July 2024 /ai /security Artificial Intelligence and Financial Services
Joris Lochy Product Manager at Intix | Co-founder at Capilever
Preventing fraud is a major concern for every financial institution. Banks, in particular, must ensure that only the rightful account owner accesses their account and that no incorrect payments are made. This involves tackling issues such as identity theft, accidentally misdirected payments, and Authorised Push Payment (APP) fraud. While a few yea...
15 July 2024 /security /crime Exposing Financial Crime
Luigi Wewege President at Caye International Bank
The banking industry is undergoing a transformative evolution, driven by the rapid advancement of financial technology, or fintech. This burgeoning collaboration between traditional banks and fintech companies is not merely a trend; it is a fundamental shift that is reshaping the very foundation of financial services. In this op-ed, we will explor...
15 July 2024 /retail /predictions Financial Transformation
Ben Goodyear CFO at Pipe
Payment facilitators (Payfacs) are used by millions of small businesses every day to run their operations. In a competitive market, the difference between Payfacs can be as small as a point or two of difference in fees. To stand out, Payfacs need to find differentiated ways to serve their customers to preserve their fees. The good news? Payment pr...
15 July 2024 /payments Embedded Finance
Jeremy Takle Founder and CEO at Pennyworth
Future banks should evolve to offer holistic financial solutions, moving beyond fragmented services and limited offerings. In this article, we’ll discuss how, by focusing on integrated solutions that help customers achieve their financial goals, banks can transform personal finance and enhance overall financial wellbeing for all. The financial lan...
15 July 2024 /wealth /retail Disruption in Retail Banking
Pallavi Kapale Senior Financial Crime Officer (FIU) at Bank of China (UK) Limited
The Payment Services Regulations (PSR) approach will bring about a significant change for all the payment firms. Its aim is to proactively prevent Authorized Push Payment (APP) fraud from occurring. In APP fraud, customers are tricked into authorizing payments to fraudsters, making it difficult for banks to detect since the transaction appears leg...
15 July 2024 /regulation /crime Banking
Fraud accounts for atleast 40% of financial crime in the UK. In 2022, UK banks have identified over 39,000 accounts demonstrating behavior indicative of money muling[1]. NCA estimated that over GBP 10 billion is laundered via money mule activity in the UK annually[2]. The global increase in fraudulent activities is a growing concern for businesses...
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