FinTech companies have made it easier for people to commit a fraud in terms of claiming insurance or asking for loans. There are several startups in America that analyze your credit history and your online profile before coming up with an estimate of your credit rating. Accordingly, they provide you with insurance or grant you loans with an appropriate rate of interest. Due to advanced FinTech this can easily be done online. This has made it simpler for hackers to commit fraud by creating false identities or using someone else’s identity to commit an insurance fraud or get a better interest rate on your loans. Some new Fintech firms have come up to tack these situations by “providing help with verifying and triangulating identities with pseudo-PIIs (Personally Identifiable Information) such a phone numbers, email addresses, device id & geolocation, online social identity and credentials.” I believe that as everything is moving online it is getting difficult to keep the financial services secure. Fintech needs to not only work towards innovation but also work towards securing their services online with as much grit.
http://lendfoundry.com/3-common-identity-fraud-that-plague-fintech-startups-how-to-avoid-them/