Retail fraud doubled, with the sector experiencing an average of one fraud attempt in every 127 calls in 2024. This is five times higher than financial institutions.

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.

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

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

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

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

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

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

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

More than 50% of fraud is driven by artificial intelligence and hyper-realistic impersonations.

60% of financial professionals recognise voice cloning as a major concern.

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

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

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