Fighting Fraud Isn’t a Feature - Issue #546

The Focus

We don’t usually open by celebrating the absence of something. But this time, zero really meant something: zero fraud losses.

It’s a claim made by Arab Financial Services (AFS), one of the leading payments and fintech infrastructure providers in the Middle East and Africa — and it’s hard to ignore. No losses reported across their banking partners over the past year.

That’s not just rare. It’s practically unheard of.

Especially when you zoom out. Fresh data confirms what many already feel: financial fraud isn’t slowing down — it’s accelerating.

In 2024, global fraud losses topped $1 trillion.
In the U.S. alone, cybercrime cost firms over $16 billion, a 33% spike year-over-year.
Deepfakes, synthetic identities, and AI-assisted fraud schemes are no longer theoretical.

And it’s not just the criminals who are evolving — it’s the battlefield itself. Mobile channels, faster payments, embedded finance: every new UX layer is another entry point to defend.

That’s why what AFS accomplished is newsworthy. But here’s the thing — their story isn’t about marketing. It’s about operations. It raises a bigger question for the industry:

Is fraud still just a risk to be managed — or is it becoming the defining infrastructure challenge of digital finance?

We explore that question in one of our latest pieces, along with what AFS did differently, and why the results should spark broader conversation — and maybe even a reassessment of priorities.

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