In this conversation, Yuliya Kazakevich discusses the growing issue of merchant fraud, its evolution over the years, and the role of AI in detecting and preventing fraud. She emphasises the importance of continuous monitoring and the need for collaboration and data sharing within the industry to combat fraud effectively. The conversation also touches on regulatory challenges, the rising costs of fraud prevention, and the future of risk and compliance in a rapidly changing landscape.

Key Takeaways

• Merchant fraud is often overlooked compared to consumer fraud.
• AI technologies have made it easier for fraudsters to operate.
• Continuous monitoring is essential for identifying fraudulent activities.
• Collusion among fraudsters is becoming more common.
• Data sharing between companies is crucial for effective fraud detection.
• Regulatory mandates may be necessary to improve data sharing.
• The cost of fighting fraud is increasing as fraudsters become more sophisticated.
• AI can enhance fraud detection but requires proper governance.
• The future of risk and compliance will involve more complex decision-making.
• Companies need to adapt to the evolving landscape of fraud and compliance.

Chapters

00:00 Introduction to Merchant Fraud

02:34 The Evolution of Merchant Fraud

05:08 AI in Fraud Detection

07:28 Continuous Monitoring of Merchants

10:06 Collusion and Teamwork in Fraud

12:25 The Role of AI in Risk and Compliance

15:04 Challenges in Detecting Merchant Fraud

17:38 Data Sharing and Collaboration in Fraud Prevention

19:53 The Cost of Fighting Fraud

22:05 The Future of Risk and Compliance Teams

24:38 Conclusion and Future Events

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