Ujam Calls for Policy-Tech Harmony to Combat FinTech Fraud

Vanessa Obioha

A former House of Representatives member and CEO of Nina Jojer, a leading tech solutions company, Chukwuemeka Ujam, has called for the convergence of policy and technology to combat fraud effectively in the FinTech industry.

Speaking during a panel session at Tech Cabal’s Moonshot event recently, Ujam who is well-recognized for his expertise in both politics and technology, highlighted the challenge posed by policy lagging behind the rapid advancements in technology. He proposed a pause in artificial intelligence (AI) development to allow policies to catch up, especially in light of growing concerns about privacy and security.

In his view, the synchronization of policies with technological innovations is paramount, especially when it comes to artificial intelligence (AI).
“If we could pause AI development and let policy catch up, we could mitigate concerns around privacy and security issues. The regulatory framework needs to evolve in tandem with technological advancements to safeguard financial activities effectively.” Ujam stated.

Ujam also pointed out the need to address the recent surge in fraudulent activities within FinTech platforms. He highlighted the necessity for businesses to prioritize security over cost-effectiveness.

“People within the tech ecosystem often want to cut costs, but security should not be compromised. Investing in approved solutions and constantly assessing vulnerabilities is essential to protecting both individuals and companies from falling prey to fraudulent activities.”

He further warned against relying on off-the-shelf solutions that may not be fully vetted and approved, citing an unfortunate incident where individuals fell prey to a WhatsApp scam due to a lack of proper security measures.

In Ujam’s view, understanding potential breaches, particularly those involving insider information, represents a significant threat. He urged companies to invest in adaptable technologies that can evolve to counter emerging threats. Robust security measures and proactive identification and mitigation of vulnerabilities are essential.

He also stressed the importance for FinTech companies to invest in architectural solutions and train their teams to develop proactive security measures.