On this week’s episode of News & Views, The Fintech Times Podcast Team speak about a new report by FICO uncovering Brits’ attitudes towards fraud and cybersecurity measures, the Revolut AI-scam feature that uses sophisticated machine learning to detect if a customer is being scammed and the value of reported UK fraud doubling to £2.3billion in 2023, but the true value likely being much higher.
After a week full of fraud news, Polly, Tom and Francis make this episode a fraud special, focusing on different aspects of how cybercriminals have evolved and how firms are tackling fraud. The trio start the conversation by discussing how banks and challengers are utilising AI to protect consumers, spotlighting Revolut and its AI scam detection feature.
They then speak about the lack of transparency in fraud reporting. The Podcast Team goes back and forth on whether it is better to be more ethical and disclose fraud stats to the public or keep them locked away in an attempt to save their image.
The final talking point on the fraud special looks at biometrics. While previously biometrics had been viewed as a foolproof way of ensuring no one could access data, the emergence of AI has called biometric security’s strength into question. The conversation is concluded with the trio deciding if biometrics are a solution of the future, or simply a cool nicety.
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Read the articles discussed in this episode:
Biometrics are UK Consumers’ Favourite Security Measure as Desire For Fraud Protection Increases
Revolut Card Fraud Dropped by 30% Since Scam Detection Feature Launch
Reported Fraud Doubles, But True Fraud Levels Likely to be Significantly Worse; Warns BDO
