As part of Revolution Banking, one of the leading events for the banking sector in Spain, the panel “Fraud is evolving. Is your strategy evolving too?” took place, moderated by Juan Guirado Miras (Grupo Cajamar), with the participation of Corinna Scatena (Getnet) and Julio Monseco Gómez (Lyfense).
The session started from a clear premise: fraud is evolving rapidly, and the key question is whether institutions’ strategies are keeping pace.
A context that is redefining fraud
During the introduction, several key signals were highlighted:
- Payment fraud in the European Economic Area reached €4.2 billion, with a higher impact on transfers and payments.
- Attackers are shifting towards scenarios where the customer authorizes the transaction, with payer manipulation accounting for approximately half of the value of transfer fraud.
- According to Europol, online fraud is the fastest-growing area of organized crime, driven by automation and artificial intelligence.
This context points to a fundamental shift in risk management.
The impact of AI on fraud
Julio Monseco highlighted how the accessibility of artificial intelligence tools for fraudsters has significantly changed the rules of the game.
Traditional mechanisms — based on rules, static models or signals such as device data or behavioral biometrics — are no longer sufficient in the face of increasingly sophisticated techniques such as phishing or smishing.
In many cases, attackers succeed in convincing victims to carry out seemingly legitimate transactions, believing they are acting correctly.
In this scenario, he emphasized the need to protect customers not only through awareness campaigns, but also through solutions capable of detecting these situations in real time, even when the customer is the one executing the transaction.
The importance of knowing the customer
From an institutional perspective, Corinna Scatena emphasized the importance of understanding the customer throughout their entire lifecycle and managing the relationship accordingly.
She referred to different types of fraud, such as CEO fraud or identity theft, as well as the growing use of synthetic identities and increasingly sophisticated deepfakes.
She also highlighted the importance of conducting thorough due diligence when selecting providers, involving compliance, legal and IT teams, and strengthening internal collaboration to properly structure processes.
In this context, she mentioned initiatives such as EUDI Wallet and eIDAS2 as potential elements that could help in the fight against fraud, while also raising new questions around responsibility.
Friction vs experience: finding the right balance
Another key topic discussed was the balance between user experience and risk control.
From a regulatory perspective, frameworks such as PSD2, PSD3, the Digital Services Act and the AI Act were mentioned, setting clear expectations for financial institutions.
Julio Monseco added that it is essential to combine technology with the expertise of financial crime prevention teams.
The industry is moving towards a hybrid approach: combining artificial intelligence models with rules, enabling the detection of specific scenarios while minimizing friction for customers.
Money mules and organized fraud
The panel also addressed the role of mule accounts in organized fraud.
According to Julio Monseco, this concept has evolved and is no longer limited to money laundering, but has become a key tool for criminal organizations.
This requires expanding the scope of analysis:
- Not only monetary transactions, but also non-monetary ones
- Cross-channel interactions
- And especially incoming transactions
Analyzing these flows enables the detection of mule accounts at the moment funds are received, allowing intervention before money leaves the financial system.
Corinna Scatena also added considerations related to GDPR and information sharing.
Technology and collaboration as key pillars
Both speakers agreed on the importance of artificial intelligence in fraud prevention.
Julio Monseco stressed that static models trained periodically are no longer sufficient, and that continuous learning systems are needed to incorporate new information and adapt to evolving fraud patterns.
Finally, he highlighted the need for collaboration across the ecosystem, emphasizing that sharing relevant information is essential to effectively combat fraud and protect customers, who are increasingly vulnerable.
Conclusion
Fraud is evolving, driven by technology, automation and new forms of manipulation.
In this context, financial institutions must adapt their strategies by incorporating new capabilities, strengthening collaboration and leveraging technologies that allow them to respond to an increasingly complex environment.
The question raised at the beginning of the panel remains more relevant than ever:
Is our strategy evolving at the same pace as fraud?
