The pace of financial fraud is evolving rapidly, posing a substantial challenge in the fintech industry. As digital interactions in the financial services sector continue to grow, providing more people access to the global financial system and cashless transactions, the issue of financial crime has become increasingly widespread. While it has notably enhanced customers’ payment and shopping experiences and contributed to the growth of the region’s digital economy, it has also exposed numerous systems and channels to the risk of fraud. In response, fintech companies are leveraging the capabilities of AI to strengthen their defenses, combatting the spike in fraudulent activities that not only jeopardise their operations but also the financial security of their clients. The statistics are alarming: Fintech fraud is on the rise, with a 79% increase in document fraud within financial services businesses compared to the previous year.
Financial services businesses have seen a staggering 79% increase in document fraud compared to the previous year
Given the increased fraud and security threats, leaders in the banking, payments, e-commerce, and media sectors should consider adopting advanced fraud management and authentication solutions that leverage cutting-edge technologies, including AI, machine learning, and biometric- and behavior-based authentication methods. Identifying the right service provider capable of navigating the intricacies and challenges within the fraud management landscape is crucial to ensuring the secure digital growth of your company.
The Battle Against Fintech Fraud with Artificial Intelligence
Various forms of fraudulent activities, including scams such as phishing as well as fake account registration fraud and identity theft, have collectively surged with an average increase of approximately 37%. Among these, scams and identity theft have experienced the most substantial spikes in occurrence. Consider these examples:
- Phishing Detection: Utilising AI-driven email analysis to identify phishing attempts and conducting real-time scans for suspicious links and email content.
- Behavioural Biometrics: Using AI-driven behavioural biometrics (e.g., typing patterns) for user authentication and detecting deviations from typical behaviour that may indicate potential fraud.
- Data Analytics in Fraud Detection: Analysing extensive datasets with AI to identify fraud patterns and anomalies and utilising machine learning for continuous improvement in fraud detection accuracy.
Discovering alternative Fintech Fraud Prevention providers with Forestreet
As an introduction to our platform, we’ve taken the list of Fintech Fraud Prevention providers and run it through our automated analysis. The feature below shows the results of our ‘Topic Analysis’, simply hover your cursor over the feature it creates a hierarchy of all the topics related to this market, allowing users to search for companies that mention specific topics in combination with various other variables. The best part? Our platform can perform this automatically for any category.
Don’t let fraud hold you back. Find dependable and advanced Fintech Fraud Prevention solutions and providers through our platform, book a demo to discover more.