On May 10-11, 2023, fintech professionals from across the United States came together in New York City for Fintech Nexus USA 2023, a gathering of the brightest minds in fintech, to celebrate and discuss the latest innovations and successes across the industry. Our team used this opportunity to network and learn about new products and innovations – and meet a few new furry colleagues along the way.

Fighting fraud and building trust in a digital world

Ranjita Iyer SVP of Cyber & Intelligence Solutions at Mastercard Ranjita Iyer, SVP of Cyber & Intelligence Solutions at Mastercard, opened Mastercard’s Fraud Fight Club – an event hosting the greatest minds in the fraud-fighting world to talk about the threat of fraud – with a discussion on how fintech providers can build trust in today’s digital economy and future-proof the evolution of payments. Later, in her mainstage keynote, Ranjita illustrated how a conversation with her young nephew reminded her that trust, in an increasingly digital world, must be at the core of what every business does. To further its vision of providing trusted, safe, simple, and smart choices in payments and financial services, Ranjita also announced the launch of Mastercard’s enhanced Open Banking for Account Opening solution. This innovation integrates account owner verification with identity insights into a single API (Application Programming Interface) to help businesses meet their customers’ needs for security and transparency.

Digital banking and ecommerce have illustrated the need for trust: trust from consumers in the companies they give their money to, and trust from businesses in technology to be able to identify and stop fraudsters from taking advantage of the very information that consumers trust their banks and favorite brands to protect. With digital payments a key inflection point for fraud, the onus is on banks and other financial institutions to be able to verify customers’ identities quickly, accurately, and efficiently while also employing the best technology on hand to defend their customers – and their bottom line – from attacks at every level of the payments ecosystem. This is also a time for financial institutions to make customer education a key tenet of their fraud fighting strategy; customers can be the first line of defense against fraud by protecting their information, identifying scams, and proactively reporting suspicious activity.

Amyn Dhala, Chief Product Officer at Brighterion, led the conversation during the panel session “How to reduce transaction fraud while increasing approval rates with AI and ML,” discussing the role of AI and ML as powerful tools for reducing transaction fraud. The session focused on the challenges that financial institutions must manage while preventing fraud, and where AI can be deployed to create a truly modern and instant transaction experience for consumers – while also maximizing security and minimizing losses for acquirers.

“It’s always a pleasure to attend Fintech Nexus and see the incredible work being done by our colleagues at Mastercard and across the industry,” said Amyn Dhala. “This year’s event was a testament to Brighterion’s role in preventing fraud and the incredible contributions of the industry as a whole.”

Brighterion wins at Industry Awards

Group of Brighterion team members accepting Fintech awardOn day one of the conference, Brighterion was announced as the “2023 Top Service Provider” winner at Fintech Nexus USA’s Industry Awards ceremony. Brighterion’s market-ready AI was recognized as a stand-out service offering production-ready models that empower financial service providers and merchants to increase their fraud and risk detection capabilities beyond their existing solutions. Market-ready models are powered by Mastercard’s global network of anonymized data, meaning customers benefit from AI that comes pre-trained on billions of data points that allows it to be operational and highly accurate at detecting fraud from day one. Brighterion’s full stack, state-of-the-art machine learning toolkit creates off-the-shelf market models that are production-ready today, with the option of custom models in 6-8 weeks.

This distinction is presented each year to the service provider that has demonstrated deep expertise, unique value, strong ROI, and commitment to clients – along with fostering a deeper understanding of fintech. This was Brighterion’s second industry award win of the year.

An optimistic outlook for the future

Fintech Nexus USA 2023 was a resounding success – highlighting the enduring optimism of fintech professionals in the United States despite a range of complex challenges being faced by many in the industry. This next year will bring challenges, but one thing is certain: there are countless fintech professionals ready to lead the industry forward.