The Fintech field, where technology meets finance, has a growing issue: AI is making fraud more common.
In the past, we used to think only death and taxes were for sure in life. But as our world turns digital, we’re facing two more things: fraud and taxes.
This affects everyone, from regular people to businesses. Who’s responsible when fraud happens? How can we stop it? These are big questions. Trust is important, but businesses are taking action to fight against fraud in our digital world.
I’ve worked in payments for over 10 years, focusing on security. I was excited to hear that Trustmi got $17 million for its security system. Gili Raanan, who started a Fintech company called Cyberstarts, said protecting payments is hard for any modern business.
He’s right. It’s a big challenge. Real-time payments are here with The Clearing House’s RTPⓇ Network. AI tools are also growing, and they can even run on regular computers. It seems like fraud is becoming a big problem. And remember, payment fraud has tripled since 2011. It might cost over $40 billion by 2027.