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Eternally Pursuing Digital Fraudsters

FinCrime Insights Podcast #00

Rina-Maria Ingemannsen / March 11, 2024
Watch all episodes of the FinCrime Insights Podcast here

Get an insider look at the ceaseless vigilance of the FCP Defence Centre against digital fraud, in the pilot episode of the "FinCrime Insights" podcast.

Director of Innovation John Erik Setsaas of Financial Crime Prevention at Tietoevry Banking hosts this insightful series. In this inaugural episode, he, and André Moen Eide, who heads the FCP Defence Centre in Mo i Rana, delve into the evolution of fraud over the years and the advancements in combating fraudsters.

The mission of the Defence Centre is to uncover, halt, and avert digital financial fraud.

Last year alone, the Defence Centre tackled almost 130,000 cases of fraud, averaging over 350 incidents daily – an unprecedented volume. André Moen Eide recounts the Defence Centre's journey and its recent focus on enhancing transaction monitoring techniques.

Listeners will also discover the dynamic nature of fraud over time and the current trends. The episode sheds light on fraudsters' relentless efforts to extract payment details from individuals and the sophisticated use of artificial intelligence by both defenders and attackers.

– The fraudsters always target the weakest link: every single individual, Moen points out.

The podcast also aims to showcase the significant work being carried out, discussing how technological advancements are being leveraged to strike a balance between detecting a high number of fraudulent attempts and minimizing customer inconvenience. Setsaas and Moen discuss the intricate strategies of token monitoring to curb credit card fraud associated with digital wallets, such as Apple Wallet.

– We intercept most fraud attempts, roughly 90 percent, and we are determined to raise that percentage even further. For those aspiring to become 'fraud fighters,' the Defence Centre is the place to be, asserts Moen.

John Erik Setsaas, the podcast's creator, shares that FinCrime Insights primarily strives to bring to light the critical operations of Fraud Crime Prevention at Tietoevry Banking. The department plays a crucial role in identity verification, fraud prevention, and anti-money laundering initiatives.

– Our dedicated efforts in these domains are instrumental in protecting our clients and society from significant potential losses. Through this podcast, we aim to feature our experts, enhance our visibility, impart knowledge about prevailing trends, and provide education in our specialized fields, he explains.

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John Erik Setsaas
Director of Innovation, Financial Crime Prevention

With over 25 years’ experience in digital identity, John Erik Setsaas is a pioneer in this space. He has deep knowledge in the areas of digital onboarding, authentication, electronic signatures and seals, time stamping and digital identity wallet.

He is a prolific speaker at fintech industry events around the world.

André Moen Eide
Head of Defence Centre, Financial Crime Prevention


Rina-Maria Ingemannsen

Marketing Project Manager

John Erik Setsaas

Director of Innovation, Financial Crime Prevention

André Moen Eide

Head of Defence Centre, Financial Crime Prevention

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