Fraud Arms Race
Financial Inclusion: Promises and Problems
Huge numbers of individuals lack access to basic banking services – 1.7 billion adults worldwide have no access to banking services of any kind, according to a recent study by the World Bank. In the US, nearly 1 in 4 adults are without banking services or are using alternative means like payday loans and check caching services to get by. How are fintechs and banks addressing this market opportunity, and what are the risks?
We often take financial services for granted, especially when we have ready access to things like credit cards and bank accounts. But there are billions of people who do not have that access, making them susceptible to all kinds of situations that the rest of us never think about.
The Fraud Arms Race
The proliferation of technology and the potential financial gains for fraudsters are creating new and frightening approaches to fraud. Fraud-as-a-Service and fraud-for-hire groups are growing, while artificial intelligence looms in the background as another potential game-changer for fraudsters in their targeting and data mining efforts. Billions of dollars, thousands of hours, corporate reputations and individual emotions are all on the line. What are the solutions available for fighting this war on fraud, and how are banks and fintechs responding?
In this bonus episode, Eric speaks with an individual living in the Atlanta area who was a victim of identity theft. Their conversation explores how financial fraud gives companies the chance to deliver excellent customer experiences – or terrible ones. Listen and learn what financial institutions, retailers, and the rest of us need to do to get it right.
Eric wraps up this fascinating dive into the world of fraud with Jared Dirkschneider, Senior Business Manager at Capital One. In this episode, Jared shares insights and anecdotes from a career spent battling credit card fraud.
Gary Fan, founder of blockchain-based payment platform Ivy, joins the podcast to talk about how fraud is being addressed now and into the future through emerging technologies.
Not every fraudster wears a black hoodie. Hear the heartbreaking story of an individual who committed financial fraud from within an institution – how she got there, why she continued and when she knew that she had changed her life forever.
Data breaches are the new normal. Kevin King, Director of Product Marketing at ID Analytics, speaks to how and why we should be planning for an increased volume of ever-more sophisticated attacks, and provides insight into the minds of malicious outside attackers.
Eric and co-host Garrett talk us through the scary facts of fraud, and provide a glimpse into upcoming episodes. from fraud-as-a-service to commoditized fraud, the fraud marketplace is growing and the bad guys have some significant advantages in the field.
Financial services veteran Eric Hathaway riffs with guests and industry experts in this freewheeling take on the trends happening in financial services. With an emphasis on the latest developments impacting retail and commercial banking, Eric brings a refreshing voice and perspective to the issues that keep financial professionals up at night.
Love the show? Want to be featured as a guest? Interested in having Eric speak at your event?
We’d love to hear your questions and comments and welcome guest recommendations. Our producer Sara Tatnall can be reached at sara.tatnall [at] zootweb.com.