In 2022, US consumers lost $8.8 billion to fraud schemes. Discover how modern authentication shields customers from evolving online banking fraud.
Legacy authentication is no match for today's digital banking fraud schemes.
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Safeguard your FI against online banking fraud,
with context-based authentication.
with context-based authentication.
Common fraud attacks in digital banking
Digital banking fraud occurs when fraudsters attack customers’ mobile or online banking transactions or accounts. Common threats to FIs’ security include SIM-swap fraud, phishing attempts, chargeback fraud, man-in-the middle attacks and account takeover fraud, all of which create major losses and frustration for FIs and their customers.
Digital banking fraud losses are predicted to exceed $343 billion globally by 2027. (American Banker, 2022). Watch our video, Speed matters when fighting fraud, to protect your customers.
Learn more about the top Fraud vectors now by downloading these infographics on SIM-swap fraud, MitM attacks, Chargeback fraud and Phishing.
How FIs can spot online banking fraud
FIs that have disparate fraud prevention solutions keep valuable customer data trapped in silos. However, solutions that cover all customer engagement channels share valuable insights about each transaction across the channels to keep fraudsters out. As a result, banks can quickly differentiate genuine customer transactions from fraudulent activities. With real-time intelligence and monitoring, FIs can spot and prevent common fraud attacks.
54% of financial leaders believe that data silos are their biggest barrier to innovation. (Business Wire, 2022). Read our blog:Breaking down silos: why cross-channel and Context Aware™ Authentication will change the game to learn more.
The high cost of fraud for FIs and their customers
Digital banking fraud causes major losses for banks and their customers. For every $1 of fraud, the cost to FIs is $4.23! And for banking customers, fraud losses increased by 30% in 2022. FIs that are not on top of their game — balancing security and a good user experience — also risk losing their customers to more agile competitors.
In the past year, account hacking attempts, often fueled by AI technology, have increased by 427%. (Fintech Nexus, 2023). Read on our blog to find out how to fight AI fraud with AI defense.
Future-proof banking fraud prevention solutions
Fraudsters are smart, and always looking for opportunities to leverage the latest banking technology for their nefarious purposes. Legacy banking fraud prevention solutions can no longer keep them out. Future-proof your banking security with Context Aware™ Authentication.
94% of Fls have recently or plan to upgrade their authentication method, many realizing the increased risk of OTPs being intercepted. (Datos Insights, 2023). For more expert insights, download the latest BAI Executive Report: Safeguarding against fraud.
Shield your customers from today’s online banking fraud threats with Entersekt’s Context Aware™ Authentication.
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