Episode 7: There are more creative ways (to fraud) nowadays than 10 years back !!

This episode highlights the ever-evolving challenges in the realm of fraud, emphasizing the increasing sophistication of fraudulent tactics compared to the past decade. Focusing on the context of startups and neobanks, three primary forms of fraud are addressed. First, identity fraud is discussed, occurring during the customer onboarding process, where fraudsters gain access to sensitive personal information, including Social Security numbers and phone numbers. Account takeover, another significant challenge, is then explored, where dormant accounts are particularly vulnerable to fraudulent activities. The conversation also delves into the complex world of synthetic fraud, where thieves use stolen data to create entirely new identities, complicating the detection of fraudulent activity. These insights underscore the need for proactive measures and vigilance in the ongoing battle against fraud.