Reports 10 Min Read

3 Ways to Prevent Bank Fraud with Digital Identity

The banking industry continues to face extensive risks from malicious actors seeking to perpetrate fraud through traditional methods such as bot attacks, new account fraud, and account takeover (ATO) fraud. At the same time, rapid advances in artificial intelligence (AI) and the growth of the fraud-as-a-service (Fa-as) ecosystem have seen a sharp rise in more sophisticated fraud techniques, such as AI-driven impersonation attacks, deep fake fraud, and authorized push payment (APP) fraud. To make things more challenging, the fraud attack surface continues to grow as digital banking adoption increases globally, and embedded finance becomes ever more pervasive across and beyond the banking industry.

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