In the financial services sector, only 38% of firms have AI-specific data protection measures in place.

80% of respondents said they would be willing to spent more time compelting comprehensive identity verification processes in banking and financial services.

80% of respondents said they would be willing to spent more time compelting comprehensive identity verification processes in banking and financial services.

74% of small business owners are more likely to reduce their banking engagement, such as credit card use or bank use, if defrauded.

85% of small business owners report satisfaction with their bank or credit union’s response to fraud.

Global Financial Services firms saw an 18% uplift in automated bot attacks.

89% of banks prioritise explainability and transparency in their AI systems.

Two-thirds of banks have integrated AI within the past two years.

AI is used for scam detection by 50% of financial institutions.

92% of the financial institutions surveyed indicate that fraudsters use generative AI.

Forty-three percent (43%) of financial professionals report increased efficiency within fraud teams due to AI

Only 8% of financial institutions noted that they do not see GenAI being used by criminals.

90% of financial institutions are combating emerging fraud with AI-powered solutions.

44% of financial professionals report that deepfakes are used in fraudulent schemes.

87% of banks cite data management as their biggest hurdle in AI implementation.

AI is used for transaction fraud detection by 39% of financial institutions.

AI is used for anti-money laundering efforts by 30% of financial institutions.

56% of financial professionals cite social engineering as a significant tactic powered by AI.

Nine in ten banks are already using AI to detect fraud.

59% of financial professionals cite SMS and phishing scams powered by AI to deceive victims.