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Session Description
The global scam threat continues to grow with the Federal Trade Commission(FTC) in the US reporting fraud losses of $10 Billion in 2023, a 14% increase. Interpol confirm global crime rings are making up to $3 trillion a year and a new UN report estimates that hundreds of thousands of people from around the world have been trafficked to South East Asia to run online scams. Whether KYC at onboarding being targeted by deep fakes, or a payment use case, the eco-system is continually under attack with the FTC commenting “Digital tools are making it easier than ever to target hard-working Americans.”
There is collaboration to fight back. Many countries now regard scams as a strategic security threat and are responding with a much more co-ordinated response,including scam call centres and new regulatory frameworks. There is a huge focus on building trust in voice calls, including branded calls. GSMAs Open Gateway project is unlocking access to network insights on a global scale to create APIs to fight fraud in real time. Utilising AI to fight fraud is now one of the key use cases for AI in fintech.This session will explore the key threats and how new solutions, and increased collaboration across the mobile fintech ecosystem is fighting back.