Alloy’s Post

Are we winning or losing the fight against fraud? It depends on how you measure it. Last week, I had the pleasure of joining a panel discussion Ross Longmore, Hannah Becher and Maddie Gunn at #FFECON on the ever-evolving landscape of financial crime. Here are some key takeaways: 🔹 Accept that fraud is a moving target. APP fraud may be declining thanks to regulatory focus, but card fraud is on the rise. Fighting financial crime isn’t about eliminating loss entirely - that’s impossible - but about setting acceptable limits across financial, reputational, and regulatory risk. 🔹 Product teams need a ‘misuse mindset.’ Before launching a product or feature, teams should consider how fraudsters might exploit it. A phased release - starting with friends & family, then low-risk users before going fully live - can help identify vulnerabilities early. 🔹 Data quality matters more than AI. Decision-making is only as good as the data it’s built on. Poor or misleading data leads to poor fraud detection outcomes. Before introducing AI, firms must first ensure they’re feeding it with clean, enriched data. 🔹 Customer friction can be a good thing. While seamless payments are convenient, too little friction can make customers anxious. ‘Friendly friction,’ when explained properly, can build trust and security without disrupting user experience. Thanks to Ciara Aitchison, James Nurse, Robert Evans and the amazing team at FINTRAIL and FintTech FinCrime Exchange for having me on the panel! #FinancialCrime #FraudPrevention #FinCrime #PaymentsSecurity #AI #RiskManagement