Threat of Deepfakes Drives Two-Thirds of FinTechs to Boost Fraud Budgets
The Path to FinTech Profitability Must Be Fraud-Proof
With rising FinTech fraud and convincing deepfakes threatening their bottom lines, more than two in three FinTechs plan to expand their budgets to deploy tech that can detect true human liveness, as discussed in the latest PYMNTS “FinTech Tracker®,” a collaboration with Sezzle.
Inside the July Tracker
- Despite their expertise in cutting-edge technology, FinTechs are far from invulnerable to fraud attacks.
- Card fraud rose 26% in 2022, with 75% of losses to U.S. lenders resulting from phishing scams.
- As fraud schemes mutate alongside — and enabled by — technology, FinTechs are bearing the brunt of risks. They need swift and dynamic solutions.
FinTech
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