The Payment Expert Podcast

Hackers have stolen approximately $6.36 billion from Binance in the largest cryptocurrency theft on record. Days later, Brazil's Mercado Bitcoin was hit by another major attack. So just how safe are the world's biggest crypto exchanges?In this episode of the Payment Expert Podcast, host and News Editor Lewis Thompson is joined by senior business journalist Kieran to examine two major crypto security incidents and what they could mean for the future of digital asset protection.On 29 October 2026, approximately $6.36 billion was stolen from Binance wallets across multiple blockchains, with much of the theft taking place in around 20 minutes. Blockchain intelligence firm TRM Labs has attributed the attack to TraderTraitor, a North Korea-linked hacking group.Just days later, Mercado Bitcoin suffered a separate breach, with blockchain investigators estimating tens of millions of dollars in stolen assets.The incidents have raised major questions about exchange security, hot wallets, customer funds and the growing concentration of cryptocurrency assets within large centralised platforms.Lewis and Kieran discuss how the attacks unfolded, why online-connected wallets present security challenges, and whether customers can rely on crypto exchanges to reimburse their losses.They also explore the role of stablecoin issuers such as Tether and Circle in freezing stolen funds, the differences between crypto exchange protections and traditional banking safeguards, and whether cryptocurrency is moving further away from its original promise of decentralisation.In this episode:How the record $6.36 billion Binance hack unfoldedWhy investigators have linked the attack to North Korea's TraderTraitor groupWhat happened during the Mercado Bitcoin security breachThe risks associated with crypto hot walletsWhether customers can recover stolen cryptocurrencyHow stablecoin issuers can freeze assetsBinance's emergency customer protection fundCentralised exchanges versus self-custodyThe future of cryptocurrency security and regulationFor more payments industry news, insight and analysis, visit:https://paymentexpert.com/Subscribe to the Payment Expert Podcast for conversations about payments, fintech, cryptocurrency, digital assets and financial technology.#Binance #CryptoHack #PaymentExpert #Cryptocurrency #Cybersecurity

This episode breaks down the UK Competition and Markets Authority's proposals to force Apple to open the iPhone’s contactless NFC chip to rival wallets, and what that means for banks, fintechs, and consumers.Key TopicsThe CMA's core demands: Requiring Apple to offer both Host Card Emulation (HCE) and Secure Element (SE) access, Express Mode functionality, and alternative default wallet selection.Why the 2024 opening failed: How Apple's existing commercial fees and restrictive SE-only platform kept rival wallets from launching in the UK.The security vs. open-access debate: Examining Apple’s security concerns against the fact that Android and the EU already operate safely on free HCE models.Global regulatory precedents: Comparing the UK's approach to the EU's binding free-access settlement, Brazil’s ongoing fight over contactless Pix, and earlier attempts in Germany and Australia.Wider industry impact: How open NFC could enable in-store "Pay by Bank" options, unlock transit and digital ID services, and whether UK consumers will actually see third-party wallets by late 2027.Host: Louis ThompsettGuest: Kieran O'Connor Producer: Anaya McDonaldEditor: Anaya McDonaldLearn more about the latest payments insights: https://paymentexpert.com

In this episode, we explore the latest developments in AI regulation within the financial industry, including the FSB's final AI guidance, the EU AI Act, and the FCA's plans to become an agentic regulator. We discuss the implications for payment firms, fraud prevention, and the need for standardised AI practices.Key TopicsFSB's 12 AI practices for financial firmsThe role of human oversight in AI deploymentRisks of AI agents in payments and commerceRegulatory approaches: FCA, EU AI Act, and othersThe importance of standardized AI practicesImplications for fraud detection and preventionThe concept of agentic AI and its regulationFuture challenges in AI regulation and complianceHost: Louis ThompsettGuests: Kieran O'Connor & Callum WilliamsProducer: Anaya McDonaldEditor: Anaya McDonaldLearn more about the latest payments insights: https://paymentexpert.com

In this episode, Sulabh Agarwal from Accenture shares insights from Sibos on AI, risk resilience, tokenisation, and the future of money movement, highlighting how these trends are shaping the payments industry.Key TopicsAI-driven finance and risk managementRisk and resilience in financial infrastructureAI applications in banking and paymentsTransaction foundation models and semantic layersTokenization, stablecoins, and digital currenciesCross-border payments and stablecoin tractionTokenized deposits and future money movementLiability and legal considerations in agent-based paymentsHost: Louis ThompsettGuest: Sulabh AgarwalProducer: Anaya McDonaldEditor: Anaya McDonaldLearn more about the latest payments insights: https://paymentexpert.com

In this episode, Erica Stanford discusses the evolving landscape of stablecoins, crypto payments, and the impact of AI on fraud and cybersecurity. She shares insights on regulatory challenges, ethical AI use, and practical steps for payment firms to stay ahead in a rapidly changing environment.Key TopicsStablecoin transaction volumes and use casesCrypto's role in real-world payments and remittancesPerceptions of crypto and money laundering risksAI's impact on fraud and scam techniquesEthical considerations in AI deployment in financeHost: Louis ThompsettGuest: Erica Stanford Producer: Anaya McDonaldEditor: Anaya McDonaldLearn more about the latest payments insights: https://paymentexpert.com

In this episode, Claire Gates, Global Head of Payments and Solutions at Crown Agents Bank, shares insights on cross-border payments in Africa, the role of stablecoins, and the future of AI in payments. Discover how innovative solutions are transforming money movement and the importance of regulation and diversity in the industry.Key TopicsChallenges in African cross-border paymentsRole of stablecoins in emerging marketsAI applications in payments and complianceCrown Agents Bank's role in facilitating trade financeDiversity and women in the payments industryHost: Louis ThompsettGuest: Claire GatesProducer: Anaya McDonaldEditor: Anaya McDonaldLearn more about the latest payments insights: https://paymentexpert.com

In this episode, Kaivalya Paluskar from Payment IQ discusses innovations in cashier management, including the introduction of Cashier Plus, and how these tools streamline the onboarding and deposit process for operators. Learn how data-driven decisions and AI are shaping the future of payment experiences in iGaming.Key TopicsCashier management challenges in iGamingIntroduction of Cashier Plus by Payment IQThe importance of the final deposit step in user acquisitionReducing development time with Cashier PlusUsing data and AI to improve payment experiencesThe 'No Ticket, No Release' philosophy in product updatesFuture trends: AI integration and smarter payment solutionsHost: Louis ThompsettGuest: Kaivalya Paluskar Producer: Anaya McDonaldEditor: Anaya McDonaldLearn more about the latest payments insights: https://paymentexpert.com

From sophisticated investment scams to sanctions evasion and state-backed cybercrime, crypto has become an increasingly important part of the global financial crime conversation.In this episode of the Payment Expert Podcast, Louis Thompsett is joined by Senior Business Journalist Kieran O’Connor to examine some of the darkest corners of the digital asset economy.The pair look at how so-called scam farms build relationships with victims over weeks or months before stealing their money, why stablecoins such as USDT have become so useful to criminal networks, and how stolen funds can be dispersed across multiple wallets and exchanges within minutes.They also examine the human cost behind these operations, including forced scam compounds in Southeast Asia where victims of trafficking are coerced into carrying out fraud.The conversation then moves from organised crime to geopolitics, exploring how sanctioned states including Russia, Iran and North Korea have used digital assets to move money, bypass traditional financial rails and support state-linked activity.But is crypto actually better for criminals than cash?The episode ends by asking whether the permanent, public nature of blockchain transactions could ultimately make crypto one of the most traceable forms of financial crime.Subscribe to the Payment Expert Podcast for more news, insight and analysis from across the global payments industry.For the latest payments news, visit Payment Expert.#Crypto #Cryptocurrency #FinancialCrime #Stablecoins #Payments

In this episode, Benjamin David from the Payments Association discusses the rapid evolution of financial crime, especially with AI's role in increasing fraud sophistication. We explore how firms can respond effectively through collaboration, better intelligence sharing, and responsible AI governance.Key TopicsThe impact of AI on fraud tempo and sophisticationThe importance of collaboration and intelligence sharing in financial crime preventionChallenges in AI governance and regulatory frameworksThe distributed and industrialised nature of modern financial crimeStrategies for effective threat prioritisation and resource allocationHost: Louis ThompsettGuest: Benjamin DavidProducer: Anaya McDonaldEditor: Anaya McDonaldLearn more about the latest payments insights: https://paymentexpert.com

In this episode, Vikram Bharwani, CTO banking at NTT Data for UK and Ireland, discusses the future of digital money, interoperability, and the impact of new payment rails on the industry. He shares insights on CBDCs, stablecoins, tokenised deposits, and the strategic role of the UK in digital currency development.Key TopicsDigital money forms and their coexistenceCustomer behaviour and invisible payment layersCBDCs, stablecoins, and tokenised depositsInteroperability challenges and solutionsRegulatory landscape and strategic positioning of the UKFuture payment volume trends and market shiftsFailures and risks in digital payment systemsThe role of AI and automation in paymentsHost: Louis ThompsettGuest: Vikram BharwaniProducer: Anaya McDonaldEditor: Anaya McDonaldLearn more about the latest payments insights: https://paymentexpert.com