"We can't possibly think of victims as being stupid." We often think of fraud victims as gullible or careless. But what if the real story is about ruthless targeting by increasingly sophisticated criminals? What if AI, deepfakes and quantum computing are making it impossible to tell what's real anymore?Our guest in this episode is Alex Wood, counter fraud expert, international keynote speaker, part of the BBC Radio 4 Scam Secrets team and, in a former life, a prolific fraudster who spent 20 years defrauding victims of millions before serving three prison sentences and turning his life around. Alex joins host Thomas Taraniuk to discuss the sophistication shift, where fraud attempts are dropping but success rates are climbing, powered by AI that makes attacks more targeted and devastating.From his former life recruiting English women as callers for organised crime networks to his current work advising the Home Office on Hawala money laundering networks funding small boat crossings, this episode reveals the insider perspective businesses need to hear. Alex explains why prison was a breeding ground for fraud conspiracies rather than a deterrent, how ChatGPT would have made him ten times more prolific and harder to catch, and why the fake Duke of Marlborough scam worked for seven months simply because luxury hotels refused to share data with competitors.Whether you're protecting your business or trying to spot the red flags in your own life, this conversation offers crucial insights into the criminal mind, the collaboration gaps that fraudsters exploit, and why the next frontier might be quantum computing breaking military grade encryption in minutes rather than months.Sumsub's website: sumsub.comSumsub's LinkedIn: linkedin.com/sumsubSumsub's Instagram: instagram.com/sumsubcomSumsub on X: x.com/SumsubcomSumsub's YouTube Channel: youtube.com/@sumsubcomThomas Taraniuk on LinkedIn: linkedin.com/in/tomtaraniukAlex Wood on LinkedIn: linkedin.com/in/beatfraud/ Hosted on Acast. See acast.com/privacy for more information.

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