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Compliance is a serious discussion point in most organisations, as the use of our information has become an increasingly everyday part of the way we operate our lives, ensuring organisations take care of it appropriately is critical to the privacy and security of our “digital selves”. However much of the compliance technology organisations rely on is based on understanding our digital footprint, to ensure the person making the transaction is authorised to be doing it and that transaction is legal and correct.
While for many in western society this does not register as an issue, it should not be forgotten that the privileged way we get to use technology is a privilege and for much of the world access to technology is nowhere near as commonplace and when that is the situation and people do not have a “digital footprint” how then can we use technology to ensure that our digital transactions are valid and secure? This is a real problem, with over $1 Trillion lost to financial fraud around the globe, that’s $1Trillion of our money, the consumer, those doing the transactions.
On this week’s show, I am joined by Shubhradeep Nandi, co-founder at PiChain Labs a company looking at how they can use leading-edge technology trends to start to deal with the global problem of reducing fraudulent transactions in a world where technology is not always easily accessible and digital footprints are harder to identify.
Join us as we discuss.
- Fintech and Regtech what do they mean?
- How a “black box” attitude means we are missing the gaps in compliance.
- The size of the problem.
- How not actively engaging with compliance is a problem.
- When regulation impacts a financial institution.
- The problems of “hotfixes”.
- The problem of scale.
- What happens when there is no digital record?
- The three steps to making compliance sustainable.
- Using leading-edge technology to solve the compliance problem.
Thanks to Shub for providing insight into what is a massive problem impacting us on a global scale and how by using technological advances we may be able to solve it. To find out more about PiChain labs, Shub and the team you can visit their website at pichainlabs.com or find the team on LinkedIn.
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