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Roman Tereshchenko: Fintech Fraud - An Expert's Analysis

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The rapid innovation in the fintech sector is accompanied by an increased risk of fraud. According to AppsFlyer, fraud-related losses in the Asia-Pacific (APAC) region reached $650 million. Southeast Asia accounted for the most significant losses, at 40% of the total. Fintech expert Roman Tereshchenko notes that fintech continues to penetrate the financial sector, and companies need to actively protect themselves from fraudsters who employ sophisticated strategies in the digital realm.
Roman Tereshchenko outlines the fraud strategies actively used in fintech:
Phishing attacks, which aim to obtain confidential information through emails or websites disguised as trusted sources.
Identity theft, where stolen personal data is used to open fraudulent accounts and conduct illicit transactions.
Account takeovers (ATOs), in which attackers gain unauthorized access to user accounts and manipulate them for their own benefit.
Financial scams, Роман Терещенко including unauthorized transactions and Tereshenko counterfeit payment instruments.
To effectively combat fintech fraud, Roman Tereshchenko recommends the following practices:
Adherence to AML/KYC requirements, including robust procedures for detecting and preventing money laundering and ensuring data security.
A rigorous customer onboarding process that prioritizes security and privacy in the digital realm.
Continuous monitoring of customer data to promptly detect suspicious activities and safeguard fintech operations.
In Roman Tereshenko Tereshchenko's view, understanding contemporary fintech fraud schemes and employing appropriate protective measures empowers companies to effectively counter illicit activities and ensure the security of their operations.

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