Chukwuemeka Ujam, a former member of the House of Representatives and CEO of Nina Jojer, a prominent tech solutions company, has emphasized the need for a harmonious relationship between policy and technology to effectively combat fraud in the FinTech industry. Addressing a panel session at the recent Tech Cabal's Moonshot event, Ujam, renowned for his dual expertise in politics and technology, highlighted the challenge stemming from policy lagging behind the rapid technological advancements. He proposed a temporary halt in the development of artificial intelligence (AI) to allow policies to catch up, particularly in light of mounting concerns regarding privacy and security. In his perspective, the synchronization of policies with technological innovations is of paramount importance, particularly in the realm of artificial intelligence (AI). "If we were to temporarily halt AI development and enable policy to catch up, we could alleviate concerns related to privacy and security issues. The regulatory framework must evolve in step with technological progress to effectively safeguard financial activities," Ujam remarked. Ujam also underscored the urgency of addressing the recent upsurge in fraudulent activities within FinTech platforms. He emphasized the imperative for businesses to prioritize security over cost-efficiency. "While many within the tech ecosystem seek to reduce costs, security should not be compromised. It is essential to invest in approved solutions and consistently evaluate vulnerabilities to shield both individuals and companies from falling victim to fraudulent activities." He further cautioned against relying on readily available solutions that may not be thoroughly vetted and approved. He cited an unfortunate incident where individuals fell prey to a WhatsApp scam due to the absence of adequate security measures. According to Ujam, understanding potential breaches, especially those involving insider information, poses a significant threat. He urged companies to invest in adaptable technologies capable of evolving to counter emerging threats. Robust security measures, as well as proactive identification and mitigation of vulnerabilities, are indispensable. Ujam also stressed the importance for FinTech companies to invest in architectural solutions and provide training to their teams to develop proactive security measures.