Panelists at the Money Summit portion of Web Summit took the stage to discuss cyber security and financial fraud last week.
Attendees of the Web Summit in Dublin interested in Fintech had to wait until the third and final day of last week’s technology conference. Headlining the final day was the Money Summit which included an assortment of product launches, presentations and panels from members of the financial services and fintech community.
One of the more interesting talks centered around the future of financial fraud and digital security. Titled, “The Security Elephant in the Room”, the panel was composed of Pat Phelan, Founder of Trustev, Ron Moritz, CEO of BioCatch, Neil Costigan, CEO of Behaviosec and was moderated by Dermot Williams, CEO of Threatscape. Below are some of the interesting points that made up the discussion.
Fraud Goes Online – Among the panelists, the unanimous opinion was that physical bank card fraud is on its way out due to advancements of PIN and Chip technology. However, in its place is an increasing problem of online fraud. This includes theft of databases with customer information and fraudsters accessing customer accounts using Trojan viruses to infect their web browsers. The latter is a problem being tackled by both BioCatch and Behaviosec.
Although the panel included competitors, in a discussion with Ron Moritz following the panel, he stated that he believed that there is mutual benefit when rivals with innovative solutions collaborate around market education to increase overall industry awareness. Moritz explained that individual emerging technology companies can’t shoulder changes and market education alone, adding that this is especially the case when it comes to pushing standards and regulatory bodies to expand and embrace new definitions based on advancements in science and art.
Moritz summarized that continued dialogue and sharing of tasks between competitors is not only welcome but required as he stated: “There is a clear and tangible benefit to everyone when innovators work together to raise industry awareness of the Cybersecurity risks involved in the financial services and eCommerce worlds.”
Apple Pay - Panelists were asked about the entrance of non-traditional players such as Apple and Samsumg. While they weren’t discounting the innovation these firms are bringing to the payment marketplace, panelists believed that the non-traditional players represent only a small drop in the bucket of overall transactions. In addition, incumbent banks and card networks are also emerging with innovative technology that shouldn’t be ignored.
Trustev’s Pat Phelan Doesn’t Pay with Credit Cards – Arguably the most fascinating tidbit from the panel was a declaration from Pat Phelan that he doesn’t pay for online goods using a credit card. In replace, Phelan stated that he uses pre-paid disposable debit cards. His rationale is that even if the credit card companies or banks are secure with your information, it is questionable whether all retailers update their technology fast enough to protect customer information.
Alternative Financial Cards – Ron Moritz pointed out that while a credit card number can be purchased on the street for $5, a health insurance card costs $50. The rationale is that financial related companies are updating their technology at a fast enough pace to cause stolen card information to be obsolete. As a result, fraudsters are moving towards other areas where they can commit financial fraud and take advantage of lax security measures.
In this regard, Moritz cited the healthcare industry in the US as an under served sector for digital security related firms requiring important upgrades to their fraud prevention technology. While not as well-known as credit card fraud, due to high costs for purchasing medicines and conducting surgeries, healthcare fraud has become a growing problem in the US.
Attendees of the Web Summit in Dublin interested in Fintech had to wait until the third and final day of last week’s technology conference. Headlining the final day was the Money Summit which included an assortment of product launches, presentations and panels from members of the financial services and fintech community.
One of the more interesting talks centered around the future of financial fraud and digital security. Titled, “The Security Elephant in the Room”, the panel was composed of Pat Phelan, Founder of Trustev, Ron Moritz, CEO of BioCatch, Neil Costigan, CEO of Behaviosec and was moderated by Dermot Williams, CEO of Threatscape. Below are some of the interesting points that made up the discussion.
Fraud Goes Online – Among the panelists, the unanimous opinion was that physical bank card fraud is on its way out due to advancements of PIN and Chip technology. However, in its place is an increasing problem of online fraud. This includes theft of databases with customer information and fraudsters accessing customer accounts using Trojan viruses to infect their web browsers. The latter is a problem being tackled by both BioCatch and Behaviosec.
Although the panel included competitors, in a discussion with Ron Moritz following the panel, he stated that he believed that there is mutual benefit when rivals with innovative solutions collaborate around market education to increase overall industry awareness. Moritz explained that individual emerging technology companies can’t shoulder changes and market education alone, adding that this is especially the case when it comes to pushing standards and regulatory bodies to expand and embrace new definitions based on advancements in science and art.
Moritz summarized that continued dialogue and sharing of tasks between competitors is not only welcome but required as he stated: “There is a clear and tangible benefit to everyone when innovators work together to raise industry awareness of the Cybersecurity risks involved in the financial services and eCommerce worlds.”
Apple Pay - Panelists were asked about the entrance of non-traditional players such as Apple and Samsumg. While they weren’t discounting the innovation these firms are bringing to the payment marketplace, panelists believed that the non-traditional players represent only a small drop in the bucket of overall transactions. In addition, incumbent banks and card networks are also emerging with innovative technology that shouldn’t be ignored.
Trustev’s Pat Phelan Doesn’t Pay with Credit Cards – Arguably the most fascinating tidbit from the panel was a declaration from Pat Phelan that he doesn’t pay for online goods using a credit card. In replace, Phelan stated that he uses pre-paid disposable debit cards. His rationale is that even if the credit card companies or banks are secure with your information, it is questionable whether all retailers update their technology fast enough to protect customer information.
Alternative Financial Cards – Ron Moritz pointed out that while a credit card number can be purchased on the street for $5, a health insurance card costs $50. The rationale is that financial related companies are updating their technology at a fast enough pace to cause stolen card information to be obsolete. As a result, fraudsters are moving towards other areas where they can commit financial fraud and take advantage of lax security measures.
In this regard, Moritz cited the healthcare industry in the US as an under served sector for digital security related firms requiring important upgrades to their fraud prevention technology. While not as well-known as credit card fraud, due to high costs for purchasing medicines and conducting surgeries, healthcare fraud has become a growing problem in the US.
Crypto Gets Second Chance: Stripe Re-enters the Sector with Stablecoins
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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