What The Fraud?

"We don’t treat fraud as importantly as money laundering.”     Who should be responsible for preventing and addressing fraud in the digital age? This is what Thomas is exploring today with Jessica Cath, Financial Crime Partner at Thistle Initiatives, a compliance consultancy firm supporting regulated businesses.    As fraud becomes increasingly sophisticated, its impact extends far beyond individual victims, posing challenges for businesses, governments, and society. Jessica’s sharp insights into what works, what doesn’t, and the must-have tools to stay ahead of fraudsters make her a brilliant guest in dissecting this very important topic.    Sumsub's website: sumsub.com [http://www.sumsub.com/]   Sumsub's LinkedIn: linkedin.com/company/sumsub [linkedin.com/company/sumsub] Sumsub's Facebook: facebook.com/sumsub [http://www.facebook.com/sumsub]  Sumsub's Instagram: facebook.com/sumsubcom [http://www.facebook.com/sumsubcom]  Sumsub's YouTube Channel: youtube.com/@sumsubcom [http://www.youtube.com/@sumsubcom]   Thomas Taraniuk on LinkedIn: linkedin.com/in/tomtaraniuk [http://www.linkedin.com/in/tomtaraniuk]   Jessica Cath on LinkedIn: https://www.linkedin.com/in/jessica-cath/ [https://www.linkedin.com/in/jessica-cath/]   ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.

“For an expense of about $1,000 per month, the damage that a fraudster can cause to businesses is upwards of $2.5 million.”  In this special episode of What The Fraud?, Thomas is joined by Ilya Brovin, a growth strategist from Sumsub, to explore the latest insights from their annual Identity Fraud Report and reveals the most significant changes in fraud trends over the past year.  The report provides an in-depth analysis of global identity fraud, based on millions of verification checks and more than three million recorded fraud attempts. Released in conjunction with Identity Fraud Awareness Week (November 17–23), this episode is the perfect opportunity to unpack the critical findings that will help shape your strategies for 2025 and beyond. Download the full report: https://sumsub.link/0aj [https://sumsub.link/0aj] Sumsub's website: sumsub.com [http://www.sumsub.com/]   Sumsub's LinkedIn: linkedin.com/company/sumsub [linkedin.com/company/sumsub] Sumsub's Facebook: facebook.com/sumsub [http://www.facebook.com/sumsub]  Sumsub's Instagram: facebook.com/sumsubcom [http://www.facebook.com/sumsubcom]  Sumsub's YouTube Channel: youtube.com/@sumsubcom [http://www.youtube.com/@sumsubcom]   Thomas Taraniuk on LinkedIn: linkedin.com/in/tomtaraniuk [http://www.linkedin.com/in/tomtaraniuk]   Ilya Brovin on LinkedIn: https://www.linkedin.com/in/ilya-brovin [https://www.linkedin.com/in/ilya-brovin]   ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.

“The AI model thinks that the user is going to commit fraud at one point. So, it’s mitigating fraud before it even happens, which sounds quite crazy to me.”   In this episode of What The Fraud? Thomas is joined by Kris Galloway, Head of iGaming Product at Sumsub. With an impressive 12 years of experience in the iGaming industry, starting out as a poker player, Kris is the perfect guest for insights into this topic.  Together, Thomas and Kris delve into market growth, tightening regulations, and new technologies that are transforming the iGaming industry for both businesses and players. They discuss the impact of regulatory shifts, market expansion, the adoption of cryptocurrency and most notably, the pivotal role of AI in combating iGaming fraud.   And of course, Thomas and Kris will be sharing their actionable advice for businesses and individuals on staying protected against fraud now and into the future.  Sumsub's website: sumsub.com [http://www.sumsub.com/]   Sumsub's LinkedIn: linkedin.com/company/sumsub [linkedin.com/company/sumsub] Sumsub's Facebook: facebook.com/sumsub [http://www.facebook.com/sumsub]  Sumsub's Instagram: facebook.com/sumsubcom [http://www.facebook.com/sumsubcom]  Sumsub's YouTube Channel: youtube.com/@sumsubcom [http://www.youtube.com/@sumsubcom]   Thomas Taraniuk on LinkedIn: linkedin.com/in/tomtaraniuk [http://www.linkedin.com/in/tomtaraniuk] Kris Galloway on LinkedIn: https://www.linkedin.com/in/krisgalloway/ [https://www.linkedin.com/in/krisgalloway/]   ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.

"You ultimately become a victim of your own success because you’re doing really well as a business but scrambling around trying to make sure your compliance can keep up.” In this fact-filled episode covering APP fraud, Thomas sits down with James Nurse, Managing Director at FINTRAIL, a leading global financial crime consultancy.  Thomas and James unpack recent cases involving Revolut and Coinbase, drawing comparisons between the two. They look at the staggering £459.7 million stolen by criminals in the UK in 2023 and dig into the alarming rise of scams. James also breaks down the UK reimbursement rules, set to be enforced in October 2024, which shift liability to payment providers.    And as always, our guest will be providing their practical advice to businesses and consumers in safeguarding themselves against fraud.   Sumsub's website: sumsub.com [http://www.sumsub.com/]   Sumsub's LinkedIn: linkedin.com/company/sumsub [linkedin.com/company/sumsub] Sumsub's Facebook: facebook.com/sumsub [http://www.facebook.com/sumsub]  Sumsub's Instagram: facebook.com/sumsubcom [http://www.facebook.com/sumsubcom]  Sumsub's YouTube Channel: youtube.com/@sumsubcom [http://www.youtube.com/@sumsubcom]   Thomas Taraniuk on LinkedIn: linkedin.com/in/tomtaraniuk [http://www.linkedin.com/in/tomtaraniuk]   James Nurse on LinkedIn: https://www.linkedin.com/in/jamesnurse/ [https://www.linkedin.com/in/jamesnurse/]   ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.

“For those genuine bodies that are out there—work with us and try to get rid of your fear because we’ve got the same fears and we’re trying to stop them.”  In this episode of What The Fraud? we dive into the evolving landscape of crypto fraud in 2024 and beyond with Mark Taylor, Global Head of Financial Crime/ MLRO at CEX.IO. Thomas and Mark explore the rise of cryptocurrency in 2024, where fraudsters have become more sophisticated, even infiltrating the U.S. election system. They also discuss the alarming trend of AI-driven fraud, including a shocking case where a user lost over $2 million to scammers using deepfake technology to exploit a major crypto exchange.  Sumsub's website: sumsub.com [http://www.sumsub.com/]   Sumsub's LinkedIn: linkedin.com/company/sumsub [linkedin.com/company/sumsub] Sumsub's Facebook: facebook.com/sumsub [http://www.facebook.com/sumsub]  Sumsub's Instagram: facebook.com/sumsubcom [http://www.facebook.com/sumsubcom]  Sumsub's YouTube Channel: youtube.com/@sumsubcom [http://www.youtube.com/@sumsubcom] Sumsub's Travel Rule Course: https://bit.ly/4gQVGPr  [https://bit.ly/4gQVGPr ]  Thomas Taraniuk on LinkedIn: linkedin.com/in/tomtaraniuk [http://www.linkedin.com/in/tomtaraniuk]   Mark Taylor on LinkedIn: https://www.linkedin.com/in/mark-taylor-640b3237/ [https://www.linkedin.com/in/mark-taylor-640b3237/]   ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.