How can businesses discourage friendly fraud and what is a professional disputer? In this episode, Simon is joined by Michael Fox, who has significant experience in fraud detection in the financial industry, having worked for President’s Choice Financial, Capital One and Meridian Credit Union before moving to his current role at KOHO, a Neobank based in Canada. The two discuss the evolution of fraud and detection efforts, as well as the rise in friendly fraud and dispute fraud.
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Key Quotes:
“It is often what I call a crime of opportunity where it's a boyfriend or a relative or a grandson. This is often not professional fraudsters going out there and doing complicated hacks. It is that crime of opportunity. Somebody needs a little bit of money and they do that.”
Timestamps:
(01:07) Intro to Michael and Koho
(02:05) How has fraud evolved?
(06:48) What is friendly fraud?
(11:36) What can businesses do to stop friendly fraud?
(13:09) How has fraud detection evolved over the past couple of years?
(19:34) Building trust through good friction
(22:10) Big upcoming change due to deepfakes
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Links:
Michael Fox on LinkedIn
Simon Horswell on LinkedIn
Onfido’s Identity Fraud Report
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