January 18, 2022 – As the number of fraud solutions has increased over the past 10 years, companies may wake to find themselves with islands of solutions lacking any connectivity. Valuable data is locked in these point solutions that could provide value to other in-house solutions, if only there was a way to share it. Fintech firms, which tend to lead with technology, provide an interesting perspective of an integrated fraud system environment.
This Impact Report, based on research conducted by Aite-Novarica Group and sponsored by Sift, examines the account and payment fraud mitigation frameworks of fintech firms in the U.S. and U.K., and what changes are planned over the next few years. Aite-Novarica Group conducted a quantitative survey of 110 fintech firms in the U.S. and U.K. in Q3 2021 about their approach to protecting users’ digital accounts and financial transactions. About two-thirds of the firms represent consumer wealth management (35%), personal finance (20%), and digital wallets (10%). The remaining one-third represent a variety of other fintech businesses.
This 29-page Impact Report contains 17 figures and two tables. Clients of Aite-Novarica Group’s Fraud & AML service can download this report and the corresponding charts.