Collaboration, Partnership and, Innovation
Looking back to September 2014 at our first all-day chapter event, I can still vividly recall the animosity between traditional banks and FinTech companies. The animosity went so far that audience members started heckling and interrupting speakers. At that time it seemed impossible to collaborate at a level that would be effective at combating the rising pressures of fraud on the industry.
However, March 17th 2017 marks a turning point in my mind in the battle against fraud. The 2017 SF ACFE FinTech Fraud Summit marked a day when collaboration, partnership and, innovation trumped fear for the first time. Throughout the 2017 SF ACFE FinTech Fraud Summit, speaker after speaker repeatedly spoke about the various methods in which the industry is sharing and collaborating to combat fraud. As Ron Suber of Prosper emphasized, “When one of our competitors is damaged by fraud, it hurts all of us”. Additionally Eric Kinney of Lending Club stated, “We don’t see our anti-fraud program as a competitive advantage, but as something that should be shared”. Words cannot do justice to the importance of these statements. I have been raising the red flag to anyone who would listen about how the enemy is quicker, more creative, innovative and, winning the battle because of it. Now, for the first time, I think we might have a good chance at turning the tables.
Working with one common goal in mind, sharing resources and information; making fraud a top priority. These are the actions that will make a difference. Strengthening this type of collaboration with the advances in technology that was presented at the conference, in the area of AI and machine learning by Solon Angel of MindBridge and others, gives hope.
Over the next few days SF ACFE will be posting photos, presentations and, other materials to this website. Presentations can be found of the Speaker Biography page. Please make an effort to share it with your colleagues, in your organization and outside.
Steve Morang CFE
Pictures from the first annual SF ACFE FinTech Fraud Summit