Are You Suffering from Business Identity Crisis? - How AI is Reshaping Business Identity and Fraud Prevention: Insights from Baselayer’s Jonathan Awad

In this episode of FinTech Confidential, Tedd Huff and Colton Pond chat with Jonathan Awad, co-founder and CEO of Baselayer. They cover some pretty interesting topics around identity verification and fraud prevention for businesses, especially small and medium-sized ones. The conversation is packed with useful insights into how financial institutions are dealing with these challenges, and how new tech is changing the game for everyone involved.

The main focus of the discussion is about making business identity verification smoother and faster. Financial institutions are constantly trying to figure out how to trust the businesses they work with. Traditionally, this process has been slow, complicated, and full of risks. Nowadays, technology helps solve these problems by verifying business identities in real-time. The result is a more secure onboarding process, which cuts down on fraud and makes it easier for businesses to prove who they are.

What’s really cool is that it doesn’t stop at just checking identities. Companies now have tools that can keep an eye on businesses long after they’ve been verified. Instead of just doing a one-time check, financial institutions get real-time updates if something about a business changes. So if a new risk pops up or fraud becomes more likely, they’re alerted immediately. This continuous monitoring is a big win for risk management, helping financial institutions stay ahead of any potential issues.

Another important takeaway from the episode is how AI is used. There’s a lot of talk about AI in the world of fintech, but the key here is that it’s not about the technology itself—it’s about what it can do. AI makes fraud detection faster and more reliable, but what really matters is that it helps solve problems in a practical way. The conversation makes it clear that financial institutions are less interested in how fancy the tech is and more interested in whether it works efficiently. And it does—by preventing fraud and helping businesses stay compliant with regulations.

The episode also touches on what it takes to secure funding and build a successful fintech company. There’s a lot of emphasis on having a strong team and a clear vision. Investors want to see that the company can actually deliver results, and that the team behind it knows what they’re doing. This is especially important in fintech, where the stakes are high and customers expect things to work flawlessly. It’s not enough to just have a good idea—you need to prove that it can succeed in the real world.

One of the more eye-opening parts of the episode is about the future of managing identities. The idea of controlling your identity through apps is something that could make things a lot easier for everyone, from individuals to large companies. While it’s still in the early stages, the potential is clear. If done right, it could make identity verification quicker and more secure, leading to better financial access for more people.

Toward the end, they discuss some up-and-coming companies that are also making waves in fintech. There’s mention of Not K, Solo, and LoanPro—companies that are tackling big problems like fraud prevention and business lending. These are the types of companies that could really change how the financial industry operates in the future.

All in all, this episode is filled with useful information for anyone interested in fintech or business risk management. The focus is on how technology is helping solve real-world problems like fraud and compliance, and the tips on building a strong team and securing funding are especially helpful for anyone looking to break into the space. It’s definitely worth a listen if you want to understand where the industry is headed and how these challenges are being tackled with new tools and strategies.

Key Highlights

 

The Secret to Fraud Prevention Nobody Talks About

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