Women in Fintech: Nethone’s fraud fighters

Working in Fintech, we’ve come to realise that the no. of women in the industry, although increasing, is still quite low. Did you know that only 12% of senior positions are held by women in the Fintech industry? At Nethone, women are involved in all parts of our business, from the development of our advanced fraud solution to its promotion. But this is not enough. We aim to highlight some of the women in key positions in Nethone with our ‘Women in Fintech’ series, showing that experience and not gender is a key factor to gaining meaningful employment opportunities. Fintech can be part of the global process of achieving gender equity.

In this post, you will get to know the women working in Nethone, helping build our product and shaping relationships with our customers. Their experience shines through, and you will learn about how they have applied this knowledge to their roles and interactions with customers. Our series begins with a look at the role of fraud-fighting from the customer success perspective with Bruna Luise Müller detailing how empathy and having a customer-centric approach can produce great results. This is followed by insight from Adrianna Galczak about the process of developing Nethone’s advanced fraud solution from the perspective of a Data Scientist.

Our series is expanding, looking at women from various departments and geographies within our company. Below is just the beginning of what’s currently on offer with the everyday details that go into fraud fighting.

We believe that the Fintech industry can help lead the way in achieving gender equality. And why are we so confident about this? Because Fintech already has a track record of social inclusion, as is clear in Brazil - the rise of eCommerce, M-Commerce and digital banking have provided opportunities to people in society’s peripheral communities to gain access to the goods and services that were not previously available to them. Intrigued? Read on to learn more about the role of women in fintech and how the tech we all build is far more impressive than first meets the eye.

Bruna Luise Müller, Head of Customer Success

Bruna has been working in Customer Success (CS) for the last 10 years, and at Nethone is now in charge of the CS team. She is also in charge of customers from different geographies, especially in Brazil, being one of the key voices of these customers within the company. Bruna is a technology enthusiast and is fascinated by the use of data to generate knowledge and help businesses solve problems. Nethone's purpose in fighting fraud is a key motivator in helping businesses to grow safely.

Bruna, you have a background in biochemical engineering and business administration, with a focus on data science. How has this experience helped shape your approach to managing risks, especially when it comes to fighting fraud?

I have always been a people person and technology enthusiast, fascinated by how the use of data can generate knowledge and help people solve their problems. Applied to businesses, data can be used to improve internal processes, reduce risk and lead to growth generation. But data is just one solution to an overall problem. It requires people to adequately disseminate it and explain to business leaders, and those involved in risk management, how the knowledge gained from it can be applied to their companies. I believe having a people-centric approach is essential in aiding this process.

For the last 10 years, I have worked in customer success roles, applying this knowledge, while adding a key quality to the mix: empathy. Understanding businesses and their problems are essential, but so too is actively engaging with them at every step of the customer journey - from talking about their problems, and collecting data, to creating an effective solution to real problems. This is, in a nutshell, what I do now (as well as leading my team) at Nethone, working with customers from different geographies, especially Brazil, being their voice within the various departments (from data science to product development) within the company. Sometimes, simply speaking the same language can be a huge step forward to building a positive relationship.

Why is Nethone working in Brazil?

Nethone’s venture into Brazil was rather opportunistic, but done so with the knowledge that it is the biggest eCommerce market in LATAM (currently the 15th largest in the world).

It is continuously growing, but with it, the phenomenon of payment and transaction fraud is a huge problem. Effective solutions and systems that bring new value in this fight are of course in great demand, which is where we step in with our advanced fraud solution that secures payments and transactions across numerous platforms, including mobile devices. I strongly believe that advanced fraud solutions, backed up by strong data, can make a positive impact - I am really motivated by our purpose in fighting fraud and helping businesses to grow safely. Keeping people and businesses safe from the threat posed by fraudsters can also lead to better, safer societies, which is something all businesses should strive to help achieve.

Part of the process in fighting fraud is to help the growing number of businesses that wish to have an online presence understand the most common mistakes in eCommerce fraud prevention, how to avoid these stresses and function online effectively. Too much jargon can sometimes be overwhelming, especially for businesses that were forced to make the move online to survive during the pandemic. They may not be fully aware of the dangers they can face in the online environment, which is why companies like Nethone have a strong customer-centric approach to fighting fraud. We are there to accompany all businesses at each step of the customer journey.

How do you envisage Fintech in Brazil in the next 10 years - and women within it?

Brazil has been a huge eCommerce market for years, but the effects of the ongoing COVID-19 pandemic hastened the pace of change. In 2020, for example, online shopping alone amounted to 126.3 billion BRL - double that of the previous year. M-Commerce in particular was already growing in the country, but in 2020, half of all eCommerce payments were made through mobile devices (partly down to huge uptake in smartphone ownership). This is huge and is forecast to grow further up to 2025 and beyond - something that fraudsters have not missed, as they see a lucrative opportunity to defraud shoppers and businesses. And they have some mighty targets as Brazil has a booming FinTech sector, with 12 unicorns (companies valued at $1 billion and above) found in the country - from a global total of 700, most of which are found in the US (370) and China (200). Fintech is growing and will play a leading role in ensuring payments and transactions are carried out safely in LATAM, and companies like Nethone can lead the way.

Fighting fraud is commendable, but Fintech companies can also provide a shining example that gender equity can be achieved. We have the data to help businesses with their problems, but I’d love to see the data improve on the gender gap too.

Currently, in Brazil women are 30% less likely to have the same opportunities than men.

If we can improve this figure in the Brazilian Fintech industry, it can help to show other companies that women can take up senior positions within all industries, closing the gender gap and leading to gender equality.

Additionally, the role Fintech companies play in overall social inclusion cannot be neglected. Digital banking, micro-credit schemes and a host of online payment methods have allowed more people than ever before in Brazil to access credit that would have otherwise been denied to them through traditional banks - consider that in a country of 212.6M people, there are an estimated 13.6M living in Favelas. This access to online credit/shopping became particularly evident during the pandemic lockdowns when people from peripheral communities, including entrepreneurs, could access credit - vital to the overall development of a country - and made possible by FinTech companies.

Do you have any advice for women seeking to break into the Fintech industry?

Never give up and certainly never feel discouraged to strive for senior positions. Gender should never be a deciding factor in whether or not a position is filled. Encouragingly, the Fintech industry is by nature open to change, therefore, seeking employment in this sector is encouraged. By increasing the no. of women in Fintech, we not only help raise awareness of gender equity in our own industry but hope it can have a spillover effect, ultimately leading to gender equality across all industries and countries. A lot has been done, so far, but there’s still a lot to do to make things better.

Adrianna Galczak, Junior Data Scientist

Adrianna is at the beginning of her Fintech and cybersecurity journey but has a whole lot of experience to bring to the table, proving that education, education, education is the key to success. We discuss Adrianna’s background, work experience and how all this has come together to fit in perfectly at Nethone.

Adrianna, tell us about your journey in IT and cybersecurity and why did you choose to work with Nethone?

I earned my Bachelor’s Degree in Computer Science and Econometrics at the University of Warsaw. My thesis subject was the level of cybersecurity in European Union companies, with a focus on phishing. During these years I also worked as an analyst in the Cybersecurity Implementation Team at EY, which was actually my first position related to tech and IT. As I began my Master's Degree in Computer Science and Econometrics, I realized that I wanted to pursue a career in Data Science. I certainly am passionate about working with data, especially considering how data-driven the world economy has become. This is how my path crossed with Nethone.

My studies mostly focused on statistics and analyzing data using various tools, which has proven a useful asset in my current job, allowing me to grow my skills further. My current role is mainly based on data analysis, which involves analyzing, interpreting, and investigating patterns in customer data. In addition, I take care of customer setup so that our product solution can protect them from fraudulent traffic. All the knowledge I have gained regarding cybersecurity is a great addition while working on customer data and investigating fraudulent activities. Joining Nethone’s Data Science team has been a great opportunity for me to grow and gain experience - working with professionals has helped me grow at a very fast pace. This is completely incomparable to the pace at which I gained knowledge at university. Naturally, some tasks can be challenging, but I always have the support I need from more experienced colleagues. I am grateful to them for the knowledge they share with me.

What advice would you give to women still in higher education that are considering a future career in FinTech?

If possible, take advantage of the time you have at college or university to find work experience or employment opportunities. Personally, I found that this is the perfect time and place to gain as much knowledge and experience, being able to compare everything you’ve learned in lecture halls, seminars and workshops to the faster pace of a real working environment. You will not only expand on your existing knowledge and understanding but will learn things that can only be learned within the workplace. You gain a different perspective on the knowledge you have and you can focus on developing skills that will be useful in the future. Likewise, employers also appreciate a fresh approach from junior members who bring with them some of the latest insights being taught in higher education. Every little helps!

For anyone with an interest in finance, IT or cybersecurity, FinTech is the perfect combination of all these industries. It is also an industry where experience, skill and passion, not gender, lead to opportunities for personal growth. I have been able to apply my interests in data analysis, IT and cybersecurity in the FinTech industry, all while being able to learn from others. The end result, creating tech that effectively combats cybercriminals from succeeding in payments fraud is just the cherry on top of the cake!

I hope to see more women working in FinTech. So far, all the women I have met at university and at work have been incredibly professional and great at what they do. It is a pleasure to work with them as they display a depth of knowledge and understanding, and most importantly, a passion for what they do. It has been a pleasure to work with them! This is why it would be great to see more passionate women consider working in IT and cybersecurity, and more women in FinTech can help to achieve gender equity and close the gender gap across all industries. FinTech for women is the way to go!

As our company grows, we wish to continue making the best possible contribution to fighting online payment fraud. But this is just one part of our aims. We also wish to help lead the way in being as inclusive as we possibly can - and being a forward-thinking Fintech company allows us to make progress. To help raise awareness of these efforts, we aim to continue our women in Fintech series with more future posts and articles that can aid the process of achieving gender equity.

If you are interested in securing your business with an advanced fraud prevention solution with a frictionless customer UX, or would simply like to know more about its capabilities, let's talk...