FRAUD & ID VERIFICATION
KPMG
Financial Crime
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Taking shared responsibility Companies in the fintech sector are at the forefront of innovation , making lives easier and increasing convenience by providing the best customer experience using the most advanced solutions .
Protecting customers is , of course , paramount to the user experience , meaning fintech firms have a significant role to play when it comes to fraud prevention – but they can ’ t do it alone .
“ The main pillars of any anti-fraud strategy should be prevention , detection , deterrence and response ,” Costantini explains .
“ As such , fintech firms , industry players and regulative bodies – like the government and the ( UK regulator ) FCA – must all work together to identify fraud at the root and prevent it from happening , discourage it and punish those who perpetrate it .”
Adjei , whose practice at KPMG is helping clients navigate the complex and evolving landscape of fraud , agrees , stating financial institutions should not be taking sole responsibility for preventing fraud . Social media , technology and telecommunications companies are just
92 February 2024