Post by Backbase

Fraud now costs more than $1 billion a day. And the people driving that number are the fastest technology adopters in the world - faster than any bank, any regulator, any compliance team. Pedro Bizarro, Co-Founder and Chief Science Officer at Feedzai, recently shared on Banking Reinvented: every time a new technology emerges, fraudsters are always the first to adopt it. They have no regulatory constraints holding them back. Fraud has now surpassed heroin, cocaine, and synthetic drugs as one of the top crimes in the world - growing at 58% annually and costing an estimated $440 billion per year. Deepfakes. Synthetic identities. Voice cloning. Social engineering at scale. Every new model, tool, and technique is more capable than the last. The pace of evolution on the fraud side has never moved this fast. The question for every bank is whether your defenses can keep up with the speed of the attacks. --- Full conversation with Pedro Bizarro in the latest episode of Banking Reinvented - link in the comments.

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