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š¤ Speed vs. Security
The financial toll of Californiaās wildfires and the rising threat of fraud, the next steps in the CFPBās Open Banking Rule and its potential risks, plus the rise of women-led fintech startups in India.

Hey, fintech fam! š
I hope your first week back at work (if thatās the case for you) is already fueling your drive. As for me, Iām feeling a surge of energyāexcitement mixed with a healthy dose of nervesāthinking about the grind and the growth ahead this year.
It will be a lot of work, but I know us. Weāre not afraid of hard work.
Speaking of growth, Iām thrilled to share that a handful of you have already applied to join our membership community, The Academy of Fintech.
Every time I dive into your applications, Iām reminded that thereās absolutely no shortage of extraordinary women in fintech to build alongside. Seriously, the talent and drive Iām seeing is nothing short of inspiring.
And if you havenāt applied yet, donāt worryāthereās still time! You can apply here. I canāt wait to meet even more of you and connect inside the community.
And a quick reminderāour upcoming in-person events are around the corner! Weāve got some incredible things lined up, and trust me, you wonāt want to miss out.
You can learn more about that right after diving into todayās stories.
#TRENDING
Whatās Up In Fintech
Every Thursday, I bring you the latest fintech news and trends, delivering the key insights that matter most to the industryāand you.
#1 The Financial Toll of Californiaās Wildfires and the Looming Threat of Fraud

The financial toll is staggering as California faces what could become the most costly wildfires in U.S. history. Homes are destroyed, businesses obliterated, and lives upended, with the actual cost extending far beyond physical losses.
AccuWeather's preliminary estimate of the Southern California windstorms and wildfires costs between $52-$57 billion. The financial recovery will be a daunting task, and in this critical moment, fintech has a unique role.
However, as the sector steps in to provide relief, a growing risk of fraud must be addressed.
The Immediate Financial Fallout
For many survivors, the priority is accessing emergency funds. Digital platforms like Venmo, PayPal, and GoFundMe have enabled quick relief through donations and fundraising, but these tools also leave people vulnerable.
As Frances Zelazny, CEO of Anonybit, points out, āHow many scammers and fraudsters will exploit the situation with no proper identity management in place anywhere?ā
Without secure identity verification, fraudsters can impersonate victims, diverting funds from those in need.
The numbers tell a chilling story. In the aftermath of Hurricane Katrina, for example, the FBI reported a 50% increase in fraud complaints during the relief phase. The resulting fraud cost Louisiana taxpayers approximately $2 billion, but some officials believe these actions also caused additional losses that slipped through the cracks.
Similarly, during the COVID-19 pandemic, the Federal Trade Commission (FTC) reported receiving more than 2 million fraud reports from consumers in 2020. Consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70% year over year.
Natural disasters and crises are prime opportunities for fraudsters to exploit vulnerable people. The devastating fires have had essential ripple effects that our industry needs to consider.
Speed vs. Security
Fintech has the potential to streamline disaster recovery. Insurtech platforms allow for fast claims, and digital loans help businesses stay afloat.
But these innovations also expose gaps. AI and blockchain technologies can help, but fintech must prioritize stronger fraud protections to ensure that aid reaches the right people.
Zelazny also warns that lost assets, particularly digital currencies like Bitcoin, could be irretrievable for wildfire victims.
āCold wallets and tokens are bound to specific devices, and if [people] donāt remember their password, then tough luck on account recovery,ā she says.
In the chaos of evacuation, many could lose access to these assets permanently.
Fighting Fraud
Fintech must invest in secure, advanced identity management solutions to mitigate these risks.
Biometric verification, decentralized identity systems, and smart contracts can ensure that only verified individuals access relief funds.
Secure digital wallets and real-time fraud monitoring should be integrated into recovery efforts to prevent exploitation.
Looking Ahead: A More Secure Recovery
In the wake of Californiaās wildfires, fintech has proven essential in delivering financial aid.
But moving forward, the focus must shift to securing the recovery process. The next challenge is ensuring survivors are not victimized twiceāonce by the disaster and again by fraud.
The financial toll of these fires is just beginning. The question is: will fintech step up to prevent this disaster from becoming a greater financial nightmare?
#2 CFPBās Open Banking Rule: Empowering Consumers or Creating New Risks?

The Consumer Financial Protection Bureau (CFPB) recently recognized the Financial Data Exchange (FDX) as a standard-setting body under its Personal Financial Data Rights rule, a step in the open banking movement.
The rule, finalized in October 2024, mandates that financial institutions provide consumers with free access to their personal financial data and enable them to transfer it to third-party providers at their request.
While the rule empowers consumers and promotes competition, it raises serious concerns about data security and privacy.
Empowering ConsumersāWith Risks
The CFPBās rule aims to give consumers control over their financial data, allowing them to seamlessly switch banks and financial services without the barrier of locked-in data.
On the surface, this seems like a progressive step toward consumer empowerment, which Iāve always advocated for. However, opening up financial data to various third-party providers increases the risk of data breaches and fraud.
As data sharing grows, so do the opportunities for bad actors.
A recent report from the Identity Theft Resource Center highlighted that data breaches in the U.S. impacted 1 billion victims in H1 2024, a 1,170% year-over-year increase.
If proper security standards arenāt strictly enforced, the exposure of sensitive data to multiple entities could fuel even more breaches and exploitation.
FDX
The CFPBās recognition of FDX underscores the need for standardized, secure data exchanges.
FDX, with over 200 members, is responsible for ensuring that financial institutions adopt interoperable standards. However, this raises concerns about industry influence.
FDX must ensure it remains free from pay-to-play arrangementsāwhere certain market players gain unfair advantagesāwhile also maintaining transparency in developing these standards.
The real question is whether this process can avoid conflicts of interest given the size and power of FDXās members.
Data Security: A Persistent Threat
One of the biggest risks of open banking is consumer data security.
The CFPB has set out transparency measures for FDX to ensure that companies adopting its standards publicly disclose their use, but this is only part of the equation.
The true test will be ensuring robust data protections across an increasingly interconnected system.
As shown in the previous story, during times of crisis, such as natural disasters, fraudsters often exploit the chaos. In a world of open banking, fraud and identity theft could rise dramatically if security protocols arenāt built to withstand new threats.
The complexity of managing consumer data in such a decentralized system adds another layer of vulnerability.
A Balancing Act
While open banking offers potential benefits like lower costs and more choice for consumers, the CFPBās new rule also brings considerable risks.
Data security, privacy, and potential industry conflicts must be closely managed. As FDX sets standards, the industry must ensure that innovation does not come at the expense of consumer protection.
The real challenge lies in making sure that open banking doesnāt turn into an open invitation for fraud and data misuse.
Consumers deserve both control and protection, and the question remains: can the financial industry provide both?
#3 The Rise of Women-Led Startups in India
Neha Juneja, Founder & CEO, IndiaP2P
Women entrepreneurs have increasingly become key players in driving the growth of Indiaās startup ecosystem.
Last year marked a turning point, with female-led startups raising unprecedented funding levels in India.
According to the Indian Startup Funding Report 2024 by Inc42, women-led startups raised $930 million across 136 deals, nearly doubling the funding secured in 2023. This growth is impressive: 93.75% year over year.
Key sectors are seeing the most growth, with fintech leading the charge. In 2024, fintech women-led startups attracted $266.9 million, accounting for 28.7% of the total funding. E-commerce and enterprise tech closely followed, securing $212 million (22.8%) and $130 million (14%), respectively.
This surge across diverse industries highlights the groundbreaking work women entrepreneurs do across the board.
In my book, Fintech Feminists, I profile one of Indiaās most formidable fintech entrepreneurs.
Meet Neha Juneja: The Woman Closing Indiaās Credit Gap
Neha Juneja, an engineer from Mumbai, is on a mission to change the financial landscape for women in rural India.
In 2012, Juneja co-founded Greenway, a company that created the Greenway Smart Stoveāan affordable and clean cooking solution for Indiaās rural population.
The stove, which runs on biomass fuels like wood, dung, and crop waste, has already reached 3 million homes, saving women time and improving health outcomes by reducing indoor air pollution caused by traditional cooking methods.
But Juneja didnāt stop there.
She realized that traditional financial systems have long overlooked women in rural India.
Despite being some of the most reliable borrowers, they face higher interest rates than men.
Her work with microfinance operators opened her eyes to the vast economic potential of female entrepreneurs in India.
Women borrowers have an astonishingly low default rate. Yet, theyāre often charged some of the highest interest ratesādespite repeatedly proving to be more creditworthy than their male counterparts.
Thatās when Juneja made a pivotal decision.
She would build a platform to help close this massive $1.7 trillion credit gap for women entrepreneurs.
In October 2021, she launched IndiaP2P, a peer-to-peer lending platform that connects investors directly with women borrowersācutting out costly intermediaries.
IndiaP2P allows small-scale investors to lend as little as $60 to carefully vetted women entrepreneurs, ensuring both diversification and a low-risk investment portfolio.
Junejaās model demonstrates that rural women borrowers are a valuable asset class, capable of making timely repayments and driving economic growth.
Despite the promise of IndiaP2P, Junejaās biggest challenge has been convincing investors that women borrowers are the best asset class to invest in. She was initially met with skepticism, but after showcasing data-backed statistics, investors were quickly on board. In India alone, the womenās lending market is worth $80 billion.
Junejaās next goal? To make IndiaP2P the largest facilitator of capital for women entrepreneurs in India, reaching 80 million women and fundamentally transforming the countryās economic future.
Her secret to success? A relentless focus on execution and discipline. For Juneja, growing her startup isnāt just about scaling quicklyāitās about making a genuine impact, one loan at a time.
So, whatās next for Juneja? Sheās just getting started. You can read more about her insights as a fintech entrepreneur by grabbing a copy of Fintech Feminists.
MARK YOUR CALENDARS
Join us every Thursday to keep up with fintech events!
WEDNESDAY, APRIL 23
[NEW YORK] Fintech Is Femme Leadership Summit 2025
āWeāre back, and weāre coming in hot! After 40 sold-out live events, the Fintech Is Femme team is gearing up for something BIGāthe second annual Fintech Is Femme Leadership Summit 2025.
If you thought our inaugural summit in 2024 was a game-changerājust wait. 25 powerhouse speakers. 300 trailblazing attendees. And for 2025? Weāre taking it to a whole new levelābigger, bolder, and absolutely unforgettable.
Ready to level up?
This isnāt your average summit. Itās a career-shifting, boundary-pushing experience.
Youāll hear from fintechās most disruptive leaders, meet and mingle with a curated crowd of go-getters, and walk away with real, actionable insights to supercharge your career.
Think fireside chats that ignite your passion. High-energy networking that could change the trajectory of your career. Expert-led panels with tips you canāt get anywhere else. And performance coaching designed to help you crush your next milestone.
Oh, and letās talk about the Evening of Storytellingāitās going to be legendary.
Early bird tickets are going (only 40 left!).
FRIDAY, JANUARY 24
[NEW YORK] Community SoirƩe: The Academy of Fintech

The Academy of Fintechās first-ever members event is here.
On January 24, 2025, weāre bringing together a group of bold, like-minded leaders for an intimate, fireside-style evening inspired by Gloria Steinemās legendary living room discussionsāwhere powerful conversations flow, connections are made, and insights are shared.
Hosted at the beautiful home of Lule Demmissie, this will be the perfect setting to meet incredible people, dive into meaningful dialogue, and leave feeling more inspired than ever.
With 50 amazing members already shaping our community, weāre opening up a few more spots to invite even more passionate, visionary voices to join us.
Apply now to get on the waitlist and secure your place in this exciting new chapter of fintech leadership.
FINTUNES
šµ SZA - Drive
The song is fire, and Ben Stiller starring in the music video? Hilarious. Also, SZAās SOS Deluxe album? Definitely worth the listen.

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That wraps up todayās editionāthanks for reading! Until next week, keep innovating and challenging the status quo. See you Tuesday!
Love,
Nicole š