With the pace at which the fintech application development is revolutionizing the fintech industry, fraudulent activities are evolving alongside. frauds in the fintech sphere have increased manifold, especially after the fintech app developers have started building digital ecosystems for - buy now pay later, mobile banking, e-wallets, digital wallet payments, cross-border payments, digital currencies, and much more. per statista, the fdp market is projected to exceed 63 billion u.s. dollars in 2023.

With the pace at which the FinTech industry is revolutionizing, fraudulent activities are evolving alongside. Frauds in the FinTech sphere have increased manifold, especially after the advent of Buy Now Pay Later, mobile banking, e-wallets, digital wallet payments, cross-border payments, digital currencies, and much more. Per Statista, the FDP market is projected to exceed 63 billion U.S. dollars in 2023. 

At the same time, the fraud landscape is getting increasingly sophisticated due to a range of illicit activities, from money laundering to identity theft, and frauds done through deepfake technology, first-party fraud due to BNPL, bot attacks, crypto and money laundering, money mules, and more. No wonder why FDP has become a major concern for modern FinTech companies today. All of this, calls for proactive measures toward FDP.

fintech software development company

Reference - https://www.zymr.com/blog/fraud-detection-and-prevention-with-riskops-strategy-in-fintech-industry