Factor in the explosion of existing and upstart companies leveraging plain old AI and its whiz-bang, attention-grabbing generative AI pup, and you have a recipe for a similar explosion in fraud… only at light speed. Once FedNow is active, blinking will take longer than money movement.
This scolding follows last week’s warning for those treating their accounts in payment transfer apps as savings… if you hold the money in the app, you’re not holding it in insured bank accounts.
Fraudsters are always the quickest to adopt and exploit new and emerging tech, and the speed of adoption grows with every launch.
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John has been in communications since graduating from Creative Communications at Red River College Polytechnic in Winnipeg in 1992. He launched one of Canada's first digital-only local news sites called Winnipeg First in 2007, which led to digital editor postings with the Winnipeg Free Press and Edmonton Journal. In 2012 he joined Bankless Times as managing editor, later becoming president and CEO. He and the Bankless Media co-founders completed a sale and exit in August 2021.