Thirty to fifty percent of your fraud losses don't come from hackers or organized crime rings. They come from your own customers disputing legitimate transactions under their own names. This is first-party fraud, and it's a $100 billion problem that most financial institutions don't even track as a separate category.

While banks use advanced tools to detect external fraudsters, their own account holders are taking advantage of long-standing dispute processes meant to protect consumers, turning chargebacks into weapons against the very institutions that serve them.

The math is staggering: this single category now accounts for up to half of all fraud losses and keeps accelerating while most executives stay focused on threats from outside their customer base.

Joining me on the Banking Transformed podcast is Shanthi Shanmugam, CEO of Casap, who developed products at Robinhood and Chime before founding a company to address this crisis. We're going to examine why first-party fraud has surged, how manual dispute processes enable it, and what essential changes are needed to transform this hidden vulnerability into a competitive edge.