Four Action Items from Fintech Nexus 2023
If you attended Fintech Nexus in NYC last week, you might have met the NeuroID team or stopped by our booth. But even if we missed you, here are four action items we’re taking from the event — and we recommend you do the same.
Get hands-on with generative A.I.
A.I. is suddenly everywhere. A.I. startups are popping up left and right, with generative tools like ChatGPT inspiring a new generation of builders. For many attendees we spoke with, this is one of the strategies they’re exploring to protect themselves against the fraud horizon. But for this technology to have a tangible impact on financial services, it must remain compliant and work in harmony with fintechs’ existing tech stacks.
Some fintechs will be ahead of the game. For example, a fraud decisioning engine allows you to handle traditional and alternative sources (including A.I. tools) with equal flexibility. In the meantime, set up a free account with ChatGPT or Midjourney if you haven’t done so already.
Look for tools that detect fraud sooner
Exploring hidden and dormant fraudsters is becoming a priority, especially after the race to maximize new sign-ups (a trend we’ve been following closely).
Fintech and bank employees we spoke with shared that they are looking to stop more fraud in places that haven’t been their primary concern — like onboarding of direct deposits, where immediate loss may not be at stake but could be mule accounts for fraudulent activity in the future.
In addition, the recent wave of bank failures has motivated many consumers and businesses to change banks. Institutions should optimize their conversion rate to take advantage but should also anticipate an uptick in fraud alongside any influx of new accounts or deposits.
Check your credit card statement
If you’re traveling, it’s ALWAYS a good idea to check your credit card and bank transactions periodically. Even if it’s painful to see how much you spent on Ubers and food in NYC, fraud and identity theft are rampant enough to warrant vigilance.
Now that in-person conferences are back, it’s worth asking whether the pandemic-era shift to digital activity ultimately resulted in more digital fraud. Is your credit card safer in digital form, or where you left it behind the bar at the afterparty? If digital channels have indeed given fraudsters a new space to innovate in, the mission many fintechs have undertaken — of making finance safer and more accessible — is more important than ever.
Follow up with that interesting contact
Fintech Nexus is a great opportunity to meet people in the industry! If you collected a number or email address from a prospect or potential partner, shoot your shot. Collaboration and relationships are essential for an industry trying to effect changes as big as fintech.