Cardaq Co-CEO, Noyan Nihat, warns UK Fintech sector must adopt Agentic AI to survive escalating deepfake and APP fraud

As AI-generated deepfakes and synthetic identities drive global fraud projections to record highs, Noyan Nihat [https://noyannihat.com], Co-CEO of global payments firm Cardaq [https://cardaq.com/] and Deputy Chair of The Payments Association Advisory Board [https://thepaymentsassociation.org/about/advisory-board/], is urging UK financial institutions to radically overhaul their fraud defence strategies.

A report released by UK Finance late last year highlighted that a staggering 629.3 million was stolen by fraudsters in a six-month period. Crucially, 257.5 million of those losses were attributed to Authorised Push Payment (APP) fraud, with 66% of cases originating on online platforms.

With the UK's strict APP fraud reimbursement rules now placing a heavy financial burden on both sending and receiving institutions, Nihat warns that traditional, reactive compliance measures are no longer sufficient against AI-armed criminal networks.

"We're in the middle of a technological arms race," said Noyan Nihat. "The APP fraud rules introduced essential consumer protections, but the recent 600 million loss figures prove that scammers are using generative AI to execute social engineering attacks at unprecedented speed and scale. If Electronic Money Institutions (EMIs) and traditional banks rely on legacy fraud-monitoring software, they will simply bleed capital through mandatory reimbursements. The industry must fight AI with AI by adopting Agentic systems that can autonomously detect, reconcile, and block anomalous cross-border transactions in real time."

Nihat, a 25-year veteran of the financial sector with leadership stints at Privat 3 Money and Morgan Stanley, has long been a vocal advocate for balanced regulation. Having previously lobbied Parliament regarding APP fraud limits and consumer rights via the Payment Association Payment Manifesto, he's now calling for a unified industry framework on AI Governance.

According to Nihat, the next evolution of fintech is not just about leveraging AI for customer service chatbots, but deploying it as a core infrastructure safeguard. He emphasises that regional fintech hubs across the UK, including Manchester and Birmingham, are playing a crucial role in developing these next-generation, network-based defence systems.

"Fintech innovation cannot outpace security," Nihat added. "As firms like Cardaq push toward broader banking capabilities and seamless cross-border payments, our foundational promise to the consumer must be trust. Governing AI effectively is the only way to secure the future of the digital economy."

Noyan Nihat is currently available for expert commentary, interviews, and panel discussions on the intersection of AI and financial regulation, the ongoing evolution of APP fraud, and the future of global payments.

Notes to Editors:

Data Sources:

UK Finance - 2025 Half-Year Fraud Report

About Noyan Nihat:

Noyan Nihat [https://noyannihat.com] is the Co-CEO and Executive Director of Cardaq, Deputy Chair of The Payments Association Advisory Board, Advisor to BPX Digital Securities Marketplace and a dedicated Governor of the Mill Hill Education Group. He possesses over 25 years of expertise in fintech, banking, and corporate governance.

About Cardaq:

Cardaq [https://cardaq.com] is a global payments and acquiring firm dedicated to revolutionising cross-border financial services through innovative, secure, and compliant solutions.

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