Fraud in fin tech
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This document discusses the growth and trends in the global fintech industry. It notes that global investment in fintech increased over 2,200% from 2008 to 2015, reaching $22 billion. Fintech companies in the US raised $12.4 billion in 2018, a 43% increase over 2017. Singapore pledged $225 million over 5 years to attract fintech startups. Key areas discussed include wealth management, alternative finance, payment platforms, blockchain solutions, regulations around data, AI and cybersecurity, and challenges around fraud and security.
Fraud in fin tech
- 4. Wealth Management: These are typical wealth management service providers. Investment Management, Money Management, etc. , are some of the sub-categories in this. Alternative Finance: These majorly include: marketplace lending platforms (B2B, B2C, C2C, etc.), or even crowdfunding platforms. Payment Platforms: Basically efficient Payment solutions. Blockchain Based Solutions: For years these have been limited to just cryptocurrency based fintechs, but now include a wide range of solutions(check out the swedish land registry on the blockchain
- 5. GLOBAL INVESTMENT IN FINANCIAL TECHNOLOGY INCREASED MORE THAN 2,200% FROM $930 MILLION IN 2008 TO MORE THAN $22 BILLION IN 2015. FINTECH COMPANIES IN THE UNITED STATES RAISED $12.4 BILLION IN 2018, A 43% INCREASE OVER 2017 FIGURES. IN 2015, THE MONETARY AUTHORITY OF SINGAPORE LAUNCHED AN INITIATIVE NAMED FINTECH AND INFORMATION GROUP TO DRAW IN START-UPS FROM AROUND THE WORLD. IT PLEDGED TO SPEND $225 MILLION IN THE FINTECH SECTOR OVER THE NEXT FIVE YEARS.NG KONG OR SINGAPORE. IN 2018 ALONE, FINTECH WAS RESPONSIBLE FOR OVER 1,700 DEALS WORTH OVER 40 BILLION DOLLARS
- 6. FINTECH IN AUSTRALIA THE FINTECH SECTOR IS GROWING VERY RAPIDLY. IN AUSTRALIA, WEVE GOT MOST OF THE INGREDIENTS FOR A NATIONAL FINTECH SECTOR WITH THE POTENTIAL TO BE A SUCCESSFUL CENTRE INTERNATIONALLY. - CRAIG DUNN
- 7. Cyber security Regulations Big Data Use In Finance AI Use In Finance Customer Experience In The Financial Services Industry
- 9. Fraud Prevention Real-time transaction monitoring Transaction monitoring using rules and machine learning Physical (voice, fingerprint, facial recognition) Behavioural biometrics Fraud Detection Automated systems Manual systems
Editor's Notes
- #2: Im here to talk about something we all like.. Money. I will talk about the changing landscape of finance industry because of the rapid development of technology and how its been adapted. Although the main point of the presentation is to focus on the modern challenges and strategies to tackle them.
- #3: 1 what is fintech 2. Types of services 3. Why its important and the growing trends 4. Specifically the growing trends in Australia 5. Challenges in fintech 6. Zoom into fraud and types of fraud 7. Strategies Analytics can help
- #4: Fintech is a combination of finance & tech. Hence the name fintech. As the tech is increasing in the world and getting immersed into our everyday lives it has radically changed how we interact with the environment. The utilization of tech in finance is called fintech
- #5: 4 use cases: Wealth Management - investment, When you want to raise money for your Startup or business you have alternate options, There are payment platforms & finally the buzzword of blockchain and cryptocurrency having a more secure currency exchange system.
- #6: So now lets look at why am I talking about fintech and how big is it, here I present some insights from the global market on how prevalent fintech has become as an industry. Key take away is that last year fintech companies raised around 40 billion in funding which is a 120% increase.
- #7: As foundation chairman of the not-for-profit, industry-led Fintech hub, Stone & Chalk, Dunn is at the forefront of moves to ensure that Australia is in the game. Stone & Chalk is a collaborative venture comprising entrepreneurs, venture capitalists, corporates and government. It is home to 71 start-ups.
- #8: Data breach attacks lost of reputation and monitory loss Regulation GDPR people are getting sensitive about their data Increasing data and to mange them is a growing concern AI can be a boom or a curse it depends how you take it, it can go into the black mirror path Finally, Customer experience and making people comfortable to use it
- #9: Fraud can be internal (employees) or external (customers) for a company Half of the times when fraud happens its not recovered so fraud prevention is the key. 1.4 billion dollars lost in US in 2018. Money laundering, imposter scams, debt collection, and identity theft. Last year, of those people who reported fraud and their age, 43% of people in their 20s reported a loss to that fraud, while only 15% of people in their 70s did. Tax-related identity theft
- #10: Two ways to prevent fraud are prevention and detection, depends on the company which is better. The good thing about fraud prevention is