The consequences for financial services firms extend well beyond immediate financial losses to include regulatory penalties, reputational damage, and erosion of customer trust. As technology advances, fraudsters will continue to adapt and evolve their methods, creating a perpetual challenge for institutions to safeguard their assets and protect their customers.
This report examines the current state of application fraud in banking, the effectiveness of various prevention strategies, and the emerging role of artificial intelligence in both perpetrating and preventing fraud. It is based on a Datos Insights online survey conducted with fraud prevention leaders at 73 U.S. FIs, with 37% identifying as primarily retail/consumer banks with some business banking clients and 63% roughly evenly split between consumer and business banking.
Clients of Datos Insights’ Fraud & AML service can download this report.
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