This Q & A was published on April 24, 2020 as part of the Global FinTech Series.
With Covid-19 and its impact on global businesses and economies straining everybody’s mind, here’s a dash of some much needed positivity!
In this GlobalFinTechSeries interview we have Michael Cutlip, President and CEO of Authoriti join us and one thing he shared during this conversation struck a chord:
“While the global economy will take a hit this year, it will recover faster than many believe and alternative capital will remain keen to invest in strong concepts and performers, given the return potential.”
Catch the complete story to unlock some interesting thoughts and insights on the changing fintech market and especially tips on how to reduce fraud and scams during a time such as now, where there seems to be an increased threat given the need for remote work and more online collaboration.
Can you tell us a little about yourself Michael? How has your journey in the Finance/Banking industry been so far, given your years at HSBC – we’d love to hear about your biggest highlights from your time there!
Thanks for the opportunity to speak with you today! Yes, prior to joining Authoriti, the majority of my career was with the HSBC Group. One of the great things HSBC offers is the opportunity to take on different roles, and the experience of living in Chicago, Hong Kong, and now New York was great for my family. As for highlights, whether winning a long-sought mandate while in a business development role, designing and implementing internal programs to improve efficiency, or managing assets in the principal investments business, it is always exciting working with colleagues to make the bank better.
We’d love to know how Authoriti is helping companies secure their email chains to prevent redirection of funds from scams – especially given the current world situation and rising cyberscams being witnessed during this Covid-19 outbreak.
Payment scams take many forms, ranging from simple phony invoices to Business Email Compromise (BEC) strategies where criminals use phished data and deception to initiate bogus wires or redirect legitimate payments. Despite being rather simple scams to run (perhaps because of it), the FBI reported that BEC losses in the U.S. totaled over $1.75 Billion in 2019.
There is concern that bad actors will take advantage of the distractions caused by the rapid shift to remote work sites, and what we hope is an equally rapid return to business at speed.
Authoriti was formed to create new ways to prevent identity theft, fraud and the misuse of data. Our app allows users to originate content-rich Permission Code PINs embedded with both identity and transaction details. Users simply submit a PIN with their transaction request.
Businesses receiving a pin can e-validate it with Authoriti and execute the transaction with confidence. Whether it’s a bank releasing a payment, an accounts payable manager processing an invoice, an insurance company paying a claim, or a trust company changing settlement instructions, if the request includes a valid Permission Code, then the transaction can be trusted.
Can you throw light on some of the latest innovations in finance/fintech that have helped reduce fraud while increasing overall security and compliance of payment/banking systems?
For the full interview, please visit the Global FinTech website.