Not a secret, this is an industry that is rapidly growing using technology to improve and disrupt traditional financial services. With the rise of fintech, there has also been an increase in fraud and financial crimes. At Oofty we advise fintech companies and financial institutions to shift to robust security measures to protect their customers their own assets.

As the fintech industry continue to grow and change, we are always keeping up with the latest trends and emerging fraud.

• Phishing: a fraud where hackers send fake emails, texts or social media messages posing as legitimate financial institutions or fintech companies to trick people into providing personal and financial information.

• Money laundering: this one speaks for itself but it involves using fintech platforms to move money from illegal activities into the legitimate financial system.

• Cryptocurrency fraud: it involves the use of fake or fraudulent digital currencies, such as initial coin offerings (ICOs), to steal money from investors.

• Payment fraud: use of stolen credit card or bank account information to make fraudulent payments or purchases through fintech platforms.

• Robo-advisers fraud: it happens when robo-advisers provide investment advice based on false or misleading information, or when they are not registered with the proper regulatory bodies.

• Social engineering: This type of fraud involves tricking people into giving away personal information or money through various tactics such as phone, email, or in-person scams. Related also to phishing.