[PYMNTS.com] Alloy CFO: Know-Your-Business Focus Aligns Banks and FinTechs in 2023

2022 was a year filled with crypto meltdowns, international sanctions, synthetic IDs and fraud attacks.

But Kiran Hebbar, CFO at Alloy, told PYMNTs that 2023 will be the year where regulators ramp up their scrutiny of financial services firms.

“Fraud has exploded,” he said — but looking ahead to 2023, first-, second-, and third-party fraud has increased, so “there will be stringent oversight on bank/FinTech relationships,” he added.

The fraud explosion demands special attention to all forms of money movement. While in the past, enterprises might have thought of fraud as the cost of doing business — and were able to pass those costs on to consumers — that’s no longer possible.

View the full article on PYMNTS.com

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