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Aditya Vempaty – Unit21 – Fintech Meetup 2023
In Las Vegas for Fintech Meetup 2023, the FF News team stopped by for a conversation with Aditya Vempaty, the Head of Marketing at Unit21. Unit21 helps protect businesses against adversaries through a simple API and dashboard for detecting and managing money laundering, fraud, and other sophisticated risks across multiple industries.
“Fraud is pretty prevalent. If you’re doing business, you’re going to encounter fraud. Some businesses will have between 20% – 50% fraud. An example would be crypto exchanges that deal with ACH fraud on a regular basis. This is where a fraudster will say ‘Hey I want to buy Crypto’, they do an ACH transfer which takes about 3 days, in the meantime the fraudsters buy the crypto. It takes 3 days for ACH to realise the transaction is fraudulent, but by that time they’ll have left the platform with their crypto.”
“So there’s a lot of fraudulent activities where people are portraying themselves to be others, or others are being forced through fraudulent activities where they don’t even realize what they’re doing is fraud. So fraud is pretty prevalent. Some companies that aren’t managing this so well are experiencing 10%-20% fraud, so if they’re doing $2bn in revenue, $200m of that is fraudulent.
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