Alona Shevtsova joins panel at PAY360 to talk about AI and Financial Crime

On March 25 in London, Alona Shevtsova, CEO of Sends, took the stage at PAY360 to discuss AI’s role in financial security. Speaking alongside Uber Payments UK and Monzo industry experts, Alona highlighted how AI-driven solutions transform fraud detection.

She emphasised Send’s approach of combining AI with human expertise, stressing that financial security isn’t just about prevention but redefining trust in fintech. The panel also debated AI's ethical and regulatory challenges and its impact on fraud prevention over the next three years.



One of AI’s most significant fraud detection advantages is its ability to recognise patterns. Traditional fraud detection methods rely heavily on fixed rules and human intervention, which can be slow and inefficient. AI, however, processes vast amounts of data in real-time, detecting anomalies and potential fraud before they occur.

Alona Shevtsova explained, “At Sends, we are trying to see new patterns and predict fraudulent activities before they happen. AI identifies discrepancies in transactions, high-ticket events, and changes in user behavior, which can indicate fraudulent activities. This predictive capability makes AI a powerful tool for financial institutions and businesses looking to secure their operations.”

Despite AI’s efficiency, human judgment remains essential. While AI can detect patterns and anomalies faster than humans, there are areas where human intervention is necessary, especially in decision-making that requires empathy and ethical considerations.

“AI still requires human oversight to validate checks and ensure ethical use,” noted Alyona. “This hybrid approach—leveraging AI’s speed and accuracy while maintaining human control—ensures that organisations make informed and balanced decisions.”

Deepfake technology and synthetic fraud pose increasing threats to financial institutions and businesses. AI-powered security solutions are being developed to combat these challenges. “We have to use fire to fight fire,” stated another expert, emphasising the need for AI-driven defenses against AI-generated fraud.

While AI offers robust fraud detection capabilities, challenges remain, including data bias and ethical concerns. AI models are only as good as the data they are trained on, and historical biases can lead to flawed decision-making.

Kathy Griffin from Uber Payments UK highlighted the issue by referencing a study on AI-generated executive profiles: “There wasn’t one person of color or a woman in the AI-generated list of executives. Bias in data is still a significant issue.” Ensuring that AI systems are fair, unbiased, and transparent is crucial for the ethical deployment of AI.

AI will continue to evolve, offering even more advanced fraud detection capabilities. Experts predict that AI will drive seamless and more secure payment experiences, enhance real-time monitoring, and give businesses unprecedented insights into fraudulent behaviors.

“In three years, we expect AI-driven fraud detection to be faster and more sophisticated than ever,” Alyona Shevtsova remarked. “The goal is to stay ahead of fraudsters, leveraging AI to protect organisations and customers alike”.

The panel discussion took place during PAY360 at ExCeL London and hosted participants from Uber Payments UK, Monzo, Send, and The Payments Association.