On this week’s episode of News & Views, The Fintech Times Podcast team speak about crypto scam losses exceeding $4billion in 2024 with an increase in deepfake and AI tech use, merchants and financial institutions not offering digital ID being at risk of losing customer trust & the Financial Conduct Authority (FCA) unveiling its ‘supercharged AI sandbox’.
The conversation kicked off this week exploring the FCA’s AI sandbox. The trio discussed how helpful a supporting environment would be to the successful development of AI, although they did note the potential drawbacks including the risks firms outside of the FCA’s power might take to innovate, and firms using AI simply for the sake of using the technology – using it when it isn’t necessary.
Following this, the focus turned to digital ID. Polly, Francis and Tom each voiced their views on the approach organisations should take to cater to consumer demand for digital ID and how far along the UK is in developing a digital ID ecosystem.
The final topic of discussion revolved around crypto scams and the amount lost in the past year. Together, the podcast team explore how evolving fraud tactics are only going to increase and that cybersecurity teams, both in the crypto sector and beyond, must utilise the latest technology available to combat fraudsters.
Listen to the News & Views Podcast on your favourite platforms:
Crypto Scam Losses Exceeded $4Billion in 2024, Driven by Deepfake and AI Tech, Says Bitget
Checkout.com: Merchants at Risk of Losing Customer Trust as 43% of UK Consumers Favour Digital ID
FCA’s Supercharged AI Sandbox: A Vital Step Forward or Creating Uneven Standards and Systemic Risk?
