How can finservs / fintechs ensure the customer is secure against potential fraud , not just from a technological standpoint , but in educating the customer about potential dangers as well ?
Adam Davies : Protecting customers is absolutely at the convergence of technology and education . Fintechs can actually get the customers involved in the fraud detection process , which helps the customer feel protected and empowered while building trust with the company .
By using technology to engage customers consistently , fintechs can make sure that they are balancing friction with convenience .
Engaging customers in their preferred channels ( whether SMS , fintech app , phone call , email , etc ) and giving them the option to self-resolve something like a monetary transaction , helps reinforce the fintech ’ s role as the protector of their accounts and trusted advisor .
But it ’ s not just about that one moment or single transaction . Ongoing education efforts should also be a part of the fintech ’ s strategy , and companies can use omni-channel communication capabilities to share tips , tricks and knowledge to help consumers protect themselves against emerging or evolving fraud threats .
Especially with the increase in scams , banks need to get customers to “ stop and think ” which might be needed to break the spell the scammers have over the customer .
Grigory Yusupov : The speed and scale at which AI can enable cybercrime is a thing to behold . With limited skills , nefarious individuals and groups can now target fintech organisations and their customers with relative ease .
Collaboration is critical , as technology alone cannot eradicate fraud . In fact , there is no silver bullet for fighting fraud ; it is something that manifests at every online touchpoint , affecting individuals and organisations equally .
The key will be to work together to identify the forms of AI-enabled cybercrime and devise ways to combat them through technology and education . According to the IDnow UK Fraud Awareness Report 2024 , 33 % of Brits have shared scans or photos of an ID card , driving licence or passport via insecure digital channels , such as social media or email , despite knowing that these ID documents could land in the wrong hands .
However , less than a third ( 31 %) of Britons know what deepfake documents are , nor are they aware of the potential
140 September 2024