Fintech company’s approach to fraud prevention

Preventing fraud in the financial system is a constantly evolving challenge. As fraud technologies and methods become more sophisticated, regulations and prevention strategies must keep up. Financial apps and FinTech are particularly susceptible to any type of fraudulent attack, such as identity theft or phishing.

With the increased risk of fraudulent behaviour in Europe, “Spain is among the European countries most likely to receive attacks” with losses more than “90 million” country wide. Beyond the personal risk for millions of people, companies are at risk of serious economic or reputational damage. 

Focusing on the security of the financial sector, FinTech’s must continue to invest in technology, collaborating with regulators and law enforcement agencies to protect consumers and maintain the integrity of the financial system. Investment into both human capital and cutting-edge technological innovation such as artificial intelligence and machine learning is key to  help preventing this type of threat,. 

To find out more on this subject, follow the article by our Head of Regulatory at ID Finance Spain, Diana López, published by Spanish media El Confidencial.