Preparing for fintech 3.0

FinTech 3.0: Navigating AI Liability, Fraud, and the Future of Trust at Web Summit Vancouver 2026

The Web Summit Vancouver 2026 panel, moderated by Ms. Madison Mills, explored the intricate landscape of FinTech 3.0, focusing on liability in an era shaped by AI agents. The discussion underscored how autonomous AI in financial transactions presents novel challenges to established frameworks.

Mr. Sander Meijers of Adyen highlighted the difficulty in assigning liability when AI agents commit fraudulent purchases, noting the absence of a human in the loop. He warned that without clear protocols, consumers and merchants would likely bear the financial burden. Meijers stressed the need for industry-wide agreements, like Google’s UCP, to ensure human authorization of agents.

Mr. Meijers explained that the ongoing “arms race” with evolving fraudsters forces merchants to balance risk tolerance against potential business loss. He predicted that fraud would intensify before improving, leading to challenges like deep fakes and increased identity verification costs, potentially translating into higher product prices.

Mr. Joe Wilson, Chief Evangelist at bunq, affirmed that the current liability model would persist in an agentic world. He emphasized the financial sector’s intense arms race against AI-leveraging fraudsters, demanding continuous technological investment. Wilson advocated for regulation that protects consumers while fostering innovation, urging a shift towards AI-native financial institutions.

Mr. John Glasgow, Co-founder & CEO of Campfire, noted that in B2B payments, liability typically rests with the sender. He stressed the paramount importance of advanced identity verification, citing instances like synthetic individuals orchestrating large-scale wire fraud. Digital identification, akin to modern travel systems, is crucial for future security.

Mr. Glasgow highlighted how misaligned incentives, such as using paper checks to delay payments, can impede financial innovation. He observed a significant shift in market trust, where “AI-native” companies are now perceived as more secure and forward-thinking than traditional institutions. This redefinition of trust is rapidly accelerating the adoption of new financial technologies.

Mr. Meijers described Adyen’s philosophy of being an “AI-native” firm, where AI is integral to development and risk management. Mr. Glasgow detailed the substantial capital investment required for AI, including proprietary GPUs and foundation models. He anticipates rising costs from frontier AI providers and advocates for a multi-model strategy, including open-source solutions, to manage expenses.

Mr. Wilson concluded by stating that bunq measures AI’s return on investment through user satisfaction and business growth, rather than solely token costs. For bunq, AI is a strategic tool to enhance capabilities and scale operations efficiently, allowing for growth without proportional increases in personnel. This commitment to outrunning fraudsters through AI is key to maintaining trust and market leadership.