Fraud is evolving at an unprecedented pace, creating new challenges for businesses, financial institutions, and consumers alike.
Alin Becheanu, Chairman of the Romanian Association for Preventing and Combating Fraud & Head of Fraud Prevention at ING, shared his insights on the growing fraud landscape, the emergence of Fraud-as-a-Service (FaaS) in banking, and the strategies required to stay ahead.
Alin Becheanu began his career in law enforcement, working with Bucharest’s Organised Crime Unit, before transitioning into the private sector, where he has held leadership roles in anti-money laundering (AML) and fraud prevention at major banks. His experience provides a unique perspective on how fraud has transformed over the years.
One of the most alarming trends today is how digitalisation has outpaced consumer awareness, making individuals more susceptible to financial scams. Fraudsters are no longer just lone actors; they operate within sophisticated ecosystems, leveraging advanced technologies to exploit vulnerabilities.
A particularly concerning development is Fraud-as-a-Service, where cybercriminals now offer ready-made fraud solutions to anyone willing to pay. This shift has industrialised fraud, making it more accessible and scalable. Phishing kits, fake websites, malware, and social engineering guides are sold on the dark web, enabling even those with minimal technical expertise to execute large-scale scams.
This has led to a surge in fraud cases, with criminal groups no longer needing to commit fraud themselves. Instead, they supply the tools and infrastructure for others, allowing fraud tactics to spread across borders. For example, a scam originating in the UK or Western Europe often reaches Eastern Europe within months, demonstrating the speed at which fraud techniques evolve and proliferate.
While financial institutions are investing heavily in fraud prevention, Alin stresses that tackling this growing issue requires a shared responsibility between banks, businesses, and consumers.
Banks have been deploying real-time monitoring systems and instant payment notifications to alert customers of suspicious activity. Geolocation tracking is another layer of defence, flagging transactions that occur in different locations simultaneously. These innovations are crucial in differentiating between legitimate customers and fraudsters.
However, technology alone is not enough. Fraud prevention must extend beyond banks, as cybercriminals frequently target businesses, particularly small and medium enterprises (SMEs), which often lack the resources and expertise to defend against fraud. Many SMEs fall victim to phishing emails and social engineering tactics, where employees unknowingly grant fraudsters access to sensitive financial data.
Raising awareness and education is therefore critical. Employees should be trained to recognise fraudulent messages, while consumers must be encouraged to pause and think before clicking on suspicious links or approving financial transactions. Alin highlights that many scams rely on impulse-driven decision-making, where fraudsters create a sense of urgency to manipulate victims into making mistakes.
As fraud tactics become more advanced, regulatory frameworks are also evolving to protect consumers and businesses. Looking ahead to 2025, financial institutions will need to align with key regulations, including Payment Services Regulation (PSR), the revised Payment Services Directive (PSD3), and the Digital Operational Resilience Act (DORA). These regulations aim to strengthen fraud prevention mechanisms while ensuring compliance across the financial sector.
For banking executives and decision-makers, the focus should be on:
Embedding Fraud-by-Design principles into every product, service, and operational process
Enhancing data-sharing initiatives between banks, regulators, and law enforcement to improve fraud detection and response times
Investing in skilled fraud prevention professionals to counter increasingly sophisticated threats
Strengthening consumer education campaigns to help individuals recognise and resist fraudulent schemes.
Fraud is no longer a problem that financial institutions can tackle alone. It requires a collaborative approach, where banks, businesses, regulators, and consumers work together to identify threats, exchange intelligence, and implement proactive measures. As cybercriminals continue to refine their tactics, the best defence lies in awareness, technology, and cooperation.
To learn more about the latest fraud prevention strategies and how to safeguard against emerging threats, watch our full interview with Alin Becheanu.
About Alin Becheanu
Alin Becheanu is the Head of Fraud Monitoring & Prevention at ING Bank Romania. In his role, he is also actively involved in numerous fraud prevention campaigns. He contributes to the development of new, innovative products and services aimed at ensuring the safety of customers. Alin has 20 years of experience in managing fraud and money laundering risks. Furthermore, he is the president of APCF - the Association for the Prevention and Combating of Fraud.
About ING
ING Bank Romania is part of ING Group, a global international financial institution, which provides banking services to over 38 million individual clients, companies, or institutions in more than 40 countries. Founded in 1994, ING Bank Romania is currently a universal bank with over 1.9 million clients, offering products and services to all categories of clients – large and small companies, financial institutions, entrepreneurs, and individuals.
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