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Why AI is a scammer's dream: Unseen Money part 2
Last week UK prime minister Keir Starmer said artificial intelligence could help fix potholes, teach our kids and slash the cost of public services.What he failed to mention is that AI is also a dream come true for scammers. Listen to the latest episode of Unseen Money as Paul Amery and Timur Yunusov discuss how AI-enabled fraud is rocketing and why.
From app fraud to card fraud: Unseen Money part 1
This is Unseen Money from New Money Review.I’m Paul Amery and I’m joined by my co-host, security researcher Timur Yunusov.Unseen money is our journey into the darker corners of digital payments.For many of us, transferring money is now faster and easier than ever before. It takes a couple of swipes on a smartphone.But with digital payments have come many new opportunities for criminals.Perhaps you’ve suffered from a phishing attack, an ID theft or a cryptocurrency scam.Maybe an online purchase went wrong, but you’re not sure how.We’re here to investigate—and to report to you in non-technical language.In this episode of the podcast, Timur and I discuss the UK’s new rules for compensating people who’ve been tricked into transferring money to criminals.Have the rules deterred the scammers? Or have they just moved on to another type of payment fraud? Listen on for more.
Why the dollar era will end slowly—then suddenly
The latest New Money Review podcast focuses on Trump, tariffs, deglobalisation and the currency markets. My guest, Mark Astley, is a former colleague, a currency and fixed income specialist who recently retired as chief executive of asset manager Millennium Global Investments. “We are living in an epochal time in the history of exchange rates and trade policy,” Astley says in the podcast.During the recording, Astley suggests the 53-year experiment with a dollar-based floating exchange rate system may be coming to an end—and he suggests that tariff wars and rising geopolitical turmoil may bring an end to dollar dominance as well.Listen in for a 30-minute discussion of the backdrop and outlook for global currencies. We cover:The benefits and costs of post-1971 exchange rate flexibilityThe great disinflation of 1981-2021 and the recent return to higher inflationTrump, tariffs, supply chains and interest ratesWhich global economies are least and most exposed to a trade war?Why dollar dominance may end slowly, then suddenlyThe breakdown of post-WW2 global institutionsImplications for currency markets, precious metals and cryptocurrencies
The cat and mouse game of payments security
In the last decade, the way we make our payments has become more seamless, faster and cheaper. We’ve switched from signatures on paper cheques to a few swipes and a tap on a mobile phone.But with these advances have come massive new opportunities for cybercriminals.From cons using deception and social engineering to romance fraud, unauthorised transfers, hacks and identity theft, the cat and mouse game between scammers and those policing the payments system has now reached a new level of intensity. In the latest New Money Review podcast I’m joined to discuss this topic by Steven Murdoch, professor of security engineering at University College, London.During the podcast, we cover:Why technologists, lawyers and economists all focus on payments securityHow should we treat victims of payments fraud?Why tricking customers into transferring funds is now the most lucrative payments scamHow limits on customer reimbursement may cause banks to stop pursuing fraudstersBalancing responsibilities in customer reimbursement schemesHow AI may help payments fraudsters cast a wider netHow the parameters of banks’ online payments systems can feed or starve fraudDoes more secure always mean harder to use?Cross-border fraud and the reversibility of paymentsCryptocurrency from the perspective of payments securityTelegram and tensions over encrypted messaging networksThe Horizon scandal and the legal presumption of reliable IT systems
Default: why sovereign debt matters
When, why and how do countries go bust? That’s the topic of the latest New Money Review podcast, where I’m joined by Greg Makoff, a former physicist, banker, government advisor and now senior fellow at the Harvard Kennedy School.Makoff is the author of a recent book on what has been called “the most contentious default in history”—Argentina’s 2001-2016 debt restructuring.In the podcast, we discuss:When, why and how countries go bustWhat distinguishes a sovereign insolvency from a corporate or personal bankruptcyWho has jurisdiction over sovereign defaults?What brings governments and creditors to the table?Sovereign immunity and the negotiating power between debtor and creditorWhat went wrong in Argentina’s debt restructuring?How Elliott Capital Management made billions on defaulted Argentinian debtThe broader public policy lessons of Argentina’s debt restructuringChina, the IMF and the geopolitics of sovereign debtDefault risk in domestic and foreign currency bondsWhy sovereign debt problems will never go away
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