The following is an excerpt from today’s Global Newsletter.
In a tale almost as old as time, the rise of a hero to vanquish rising evil has come to fintech’s fight with fraud. An announcement from Plaid, launching their collaborative fraud fighting network, Beacon, which is designed to “stop the chain reaction of fraud.”
Until now, fraud-fighting has been the plight of stand-alone entities. Lone vigilantes in their efforts to stop attacks and protect their customers.
Plaid Beacon pulls on the strength of the many by opening itself out to contributions from fintechs and financial institutions, reporting instances of fraud that can help to identify bad actors at the moment of account creation despite changes in data.
In a chicken-and-egg situation, this network approach is only effective within an already established ecosystem. Only a company of Plaid’s size and clout would be able to pull off such a feat.
Spoken in true superhero fashion, Plaid’s Head of Identity, Alain Meier, has said, “There’s power in numbers, and together we can help stop the chain reaction of identity fraud.” – maybe an en end is finally in sight for the threat.
Featured
 Global |
| Plaid launches Beacon- fighting fraud in real-time By Isabelle Castro Margaroli Fraud is rising, and with real-time payments taking an ever greater hold of the financial system, faster ways to combat are needed. |
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| Global Real-world asset tokens – a ‘killer use case’ for blockchain By Isabelle Castro Margaroli Real-world asset tokenization was set to be a multi-trillion-dollar market by 2030. It’s still on track despite FTX setbacks. |
| Global Qik, Dominican Republic’s first neobank, to ramp up fintech services in the Caribbean By David Feliba Fintech Nexus sat down with Qik’s CEO, the first neobank in the Dominican Republic. Traditional lender Grupo Popular to invest $70 million. |
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