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Chargebacks911® Exec Comments on Fraud in Decentralized Finance

Chargebacks911® Exec Comments on Fraud in Decentralized Finance

Monica Eaton-Cardone Featured in Finance Magnates

Chargebacks911 COO Monica Eaton-Cardone, a globally recognized thought leader in the fintech space, was recently asked to weigh in on decentralized finance (Defi) in a new feature for Finance Magnates.

Finance Magnates is the world’s only multi-asset online/electronic trading knowledge hub. Initially focused on the Forex B2B sphere, the site offers a one-of-a-kind knowledge opportunity for industry professionals and trading savvies alike.

Defi is set to be one of the hottest topics in the payments space over the next decade. Many experts believe that decentralizing the finance space will deliver new opportunities and greater efficiency in payments. However, we must also be cognizant of the risk posed by fraud.

“Bluntly stated, inexperienced consumers, make mistakes and are more vulnerable to fraudsters and thieves,” Monica says. “If millions of inexperienced investors migrate to Defi platforms, the cybercriminals will certainly be waiting.”

This is consistent with many trends we’ve observed in the past. Just in the last year, the outbreak of Covid-19 led consumers to shift into remote channels, which resulted in a direct uptick in cybercrime. Making Defi work for consumers and businesses is going to be a delicate process.

“It’s a tricky balancing act because we covet the financial freedoms that come with being unregulated,” Monica says, “but at the same time, consumers expect the protections that can only come with regulations.”