Fintech solutions are rapidly evolving and their growth appears to be creating increased market opportunities for innovative fraud; the frictionless payments market specifically has reported a spike in digital financial crime as money launderers find new and innovative ways to steal identities and develop synthetic profiles; the Financial Times also reports on the use of e-commerce for new types of fraudulent activity, noting that criminals can use fraudulent transaction platforms to setup inexpensive e-commerce sites that elicit funds from internet shoppers; with innovative fraud solutions growing fast, the costs of monitoring and mitigating fraudulent activity are becoming an even greater factor for fintech companies. Source
