The recent Fintech Evenings, held on October 24, 2024, at the Flutterwave office, marked the event’s first edition. It brought together industry leaders and enthusiasts to explore pressing issues around fraud in the fintech sector. With a lineup of influential speakers and engaging panel discussions, attendees gained valuable perspectives on combating fraud while driving innovation in the financial industry.

Keynote Speakers

Two prominent figures in the fintech industry, Muktar Bello, Head of Product at Kalabash54, and Ikechukwu Madu, Head of Engineering at PocketApp, kicked off the evening with a thought-provoking discussion on the challenges and opportunities in addressing fraud.

Muktar Bello shared insight on the “Overview of Fintech Fraud Detection Workflows,” covering best practices for safeguarding against fraud when building fintech products. He highlighted the role of artificial intelligence (AI) and machine learning (ML) in detecting fraudulent activities in real-time, while also emphasizing that AI and ML are not a “silver bullet” to solve all fraud-related challenges. Instead, these technologies will enhance our effectiveness in detecting and addressing fraud issues.

Meanwhile, Ikechukwu Madu spoke on “Building a Fraud Prevention Workflow,” focusing on engineering measures to detect fraudulent transactions and the importance of agility and continuous monitoring. He discussed tools for streamlining the Know Your Customer (KYC) process and enhancing user onboarding and authentication experiences.

Panel Discussion

The event transitioned into a panel discussion moderated by Cornelius Ashley Osuzoka—Developer Experience Manager at Flutterwave,  featuring Malaika Ademola-Majekodunmi—Senior Product Manager at Fincra, and Joshua Osunbor—Senior Product Manager at Flutterwave. The panelists engaged in a lively discussion on the evolving nature of fraud in fintech and the collaborative efforts required between institutions to combat it. They tackled questions around:

• Balancing user experience with effective fraud prevention mechanisms
• Making compliance checks less intrusive for users
• Engineering best practices and strategies for fraud prevention

and much more.

Networking Session

Following the panel, attendees had the opportunity to network, exchange ideas, and forge connections in a relaxed atmosphere. The informal discussions sparked enthusiasm among participants as they shared their experiences and strategies for tackling fraud in their organizations.

Conclusion

Fintech Evenings served as a vital platform for addressing the critical issue of fraud in the fintech space. As the industry continues to evolve, events like this help individuals to network, share knowledge, and learn about the latest trends and problems in financial technology. We look forward to the next gathering and further discussions on shaping the future of fintech.

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