Gen AI has become a must-have for risk management in the payments industry. EverC CEO Ariel Tiger explains why on a recent episode of Leaders in Payments Podcast. Developed and hosted by Greg Myers, a 15-year veteran of the payments industry, the podcast features interviews with executives, entrepreneurs, and thought leaders from companies across the payments ecosystem. Guests offer insights from a range of perspectives, including major card brands and traditional financial institutions, as well as fintech firms and emerging startups.
Future focus
“In our industry, if you think about the past, it was analyst driven and rule-based driven. Today, fraudsters have fraud as a service, you have to be able to fight with technology. You must have AI embedded in all aspects of your operation,” Tiger said.
“At EverC, it’s not only as we build the models,” he continued. “It’s across the company. It’s HR. It’s operations. We tell our customers, ‘Let us come with the best technology out there, to maintain regulations and all the different frameworks, and you focus on what you do best.’”
Integrating AI and a tech-first approach
EverC uses the power of AI to equip financial institutions with the tools they need to intercept illicit activity with speed and precision, maintaining compliance while enabling growth.
When asked by Myers how EverC solutions stack up against in-house solutions, Tiger explained that EverC has a big advantage because of global perspective, tech focus, and extensive data, all of which work together to empower businesses to scale while managing risk. “You must have the infrastructure to do it on a massive scale.” he said. “We start with a tech-first approach, and we have the systems and infrastructure that will support your growth.”
In-house solutions, on the other hand, have a very narrow view. “As a company, when you build in-house, you only see what you see. But with EverC, you have a holistic view, a global perspective, and that’s important because the fraudster on one side of the world is tomorrow on the other side,” said Tiger.
Global fintech trends
Among trends Tiger is seeing in the fintech sector today, he discussed “the intersection of AI across all facets of business,” the evolving regulatory framework in the US and EU, and differing approaches to conducting business.
“The regulation is changing all over the world. With the new administration [in the US], people are still waiting to see, over the next 60- 120 days, how everything is going to unfold. But marketplaces and payment providers still need to manage risk. At the end of the day, whatever is going to change on the federal or state level, illicit activity is still illicit activity, and a counterfeit is still a counterfeit.”
The best way through these challenges? Collaboration, says Tiger. “I think that we’re going to start seeing more and more collaboration between the different players to achieve better results and better growth, and to have a unified wall against the bad guys.”
To close the interview, Tiger emphasized that the future is one of technology and collaboration. “The way to win the future is lean to the future. If we all unite and do good things together, I have zero doubt that we’ll live a better future for our kids and for society.”
Listen to the full conversation here!
