We've entered a perfect storm for financial crime where fraud is flourishing. This maelstrom has been created by the combined effects of geopolitical events and the ongoing global pandemic, which has led to the digitalization of society ramping up, by necessity, even faster than it was before.
While all sectors are suffering, financial technology (fintech) has been hit particularly hard, which makes striking the right balance between preventing financial crime and maintaining high levels of customer service and satisfaction all the more difficult — and business-critical. As the situation continues to evolve and worsen, it has become a high priority for fintechs to learn how to effectively fight and defeat fraudsters, while continuing to grow their top lines.