Over the past few decades, the financial industry has undergone a significant transformation with the advent of technology. One of the major changes has been the shift towards digital transactions, making financial technology (Fintech) a crucial part of the industry. Frauds in the FinTech sphere have increased manifolds, especially after the advancements such as buy now pay later, mobile banking, e-wallets, digital wallet payments, cross-border payments, digital currencies, and much more.
To combat these threats, fintech companies have had to evolve their fraud detection methods from traditional, rule-based legacy systems to more sophisticated AI-powered solutions. This evolution has been driven by the need to keep up with the constantly evolving methods used by fraudsters, making it necessary for fintech companies to stay ahead of the game. In this article, we will explore the history of fraud detection in fintech and how it has evolved to incorporate AI-powered solutions.
What to expect from this ebook?
- Importance of fraud prevention in the fintech industry
- Types of fintech fraud
- Old guard vs. new tactics
- Emerging technologies for fraud prevention
- Advanced fraud prevention techniques
- Use cases of successful fraud prevention in fintech
- Challenges and limitations