When the Fraudsters Have AI Too — Inside the New Fraud Reality with Tyler Allen

Since 2023, illicit financial activity has surged by $1.3 trillion, reaching an estimated $4.4 trillion globally. The reason isn't a mystery: bad actors have AI now too.

In this episode of One Vision Podcast, Theodora Lau sits down with Tyler Allen, CEO of Unit21, to unpack what's happening on the front lines of AI-powered fraud. Tyler was Unit21's founding software engineer and he is now leading the company through a moment he calls "have your cake and eat it too": AI is finally cheaper than the human labor it could replace, and unlike humans, it doesn't get alert fatigue.

The conversation goes deeper on:

• The fundamental asymmetry between attackers and defenders — and why AI made it worse

• Why majority of AI pilots fail (hint: it's almost never the technology)

• Why AI makes sense for financial crime prevention and detection

• What he asks potential buyers, from ownership and goals, to risk tolerance and more

• What every FI should be demanding from their AI vendors

A conversation about the new physics of fraud — and the human consequences of getting it wrong.

🎧 Listen now wherever you get your podcasts.

📍Hot take:   ”It's a have your cake and eat it too moment … it feels good to be in a space where you do have societal impact.”

Keywords: AI, AI Agents, Fintech, Fraud, Risk Management