Note from the CEO: Here is an article that shares what probably everyone has experienced (or will at some time); bank fraud, account hacked or skimmed. So, how would a fintech bank handle fraud? Well Jessica (the author) has some really good ideas and they bear reading. Now if the banks will read them as well we may have………progress.
“Recently I experienced one of those terrible and highly inconvenient banking ‘life events’ no one wants to go through, yet these days seems all to inevitable. My debit card got skimmed.
It’s the second time in a year I’ve been an unwilling participant in this particular banking rite of passage………..This time the fraudsters managed to get hold of my debit card details, duplicate the physical card and withdraw my hard earned cash from an ATM, cleaning out my everyday account completely.
This all took place over two days before I noticed anything irregular with my account. My bank noticed nothing, leading me to seriously question my confidence in their fraud engine. In a subsequent email complaint, I noted with irony how their fraud engine seems to have no problem shutting down my card when I travel overseas, but can’t seem to deduce that multiple ATM withdrawals of $800 each, at 3am in the morning are questionable.
………….So it got me thinking. If I was building a bank, how would I do things differently?”