Lydia, N26, Revolut … Neobanks, a new playground for fraudulent transactions


INVESTIGATION – Since the start of the pandemic, crooks and the underground economy have increasingly used fintech services, in the sights of banking authorities.

She would never have thought of buying drugs other than cash. But this Saturday night in a nightclub, Caroline * does not have cash or an ATM nearby to pay the dealer. The latter offers him a new method of payment. Pay the 70 euros of its “consumption” by making “a Lydia”, the name of the French application which allows instant transfers of money from one cellphone to another. What accepts this young Parisian employed in finance, follower of Lydia for her more admirable purchases.

Fintech Lydia regularly sees this type of transaction related to drug trafficking, scams or prostitution on its platform. And their numbers have skyrocketed since the start of the pandemic. “We have gone from 3 to 5.5 million users over the past year and a half. So, mechanically, there is an increase in volume and value of fraudulent transactions ”, recognizes Cyril Chiche, co-founder of Lydia. The fintech leader ensures

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