The Fintech Times has gathered predictions from industry leaders on the key fraud challenges businesses will face in 2024. Tamas Kadar, CEO and co-founder of anti-fraud platform SEON, highlights the increasing burden on businesses to protect customers due to rising online fraud and limited government action. Rory Doyle, head of financial crime policy at Fenergo, emphasises the need for fraud prevention to be a top priority for UK financial institutions in 2024, following the introduction of new legislation. Christen Kirchner, senior solutions expert, fraud and AML at SAS, predicts the continued importance of AI-powered analytics in enhancing fraud detection and customer protection in the fintech industry. Iain Armstrong, regulatory affairs practice lead for ComplyAdvantage, calls for technology companies to take a greater role in policing fraudulent activities on their platforms. Lastly, Pav Gill, CEO and founder of whistleblowing platform Confide, expects a continued increase in whistleblowing cases in 2024, driven by increased access to information and a societal shift towards transparency. Gill suggests that companies must adapt by implementing robust internal reporting mechanisms and fostering a culture of accountability.
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