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Fraud, Wirecard and the Future of Fintech

I. Fraud

Finance companies have a unique relationship with fraud. They are at the same time victims of it, vehicles for it and occasional perpetrators of it. 

As victims they are continually exposed to many small-scale attacks. Data from the UK suggests that fraud skims off 7.5p from every £100 spent on credit and debit cards. Over a billion pounds was pilfered through the banking system last year, with close to two billion more apprehended at the exit. Insurance companies wage a similar battle against false claims. Last year they detected fraudulent claims in excess of a bil…