Banks are currently facing a rise in sophisticated fraud cases and scams, including traditional issues like money laundering and account takeover [3], as well as emerging challenges such as AI-generated fraud and deepfakes [3].


A global survey of 1500 financial services professionals in the UK [3] [5], US [2] [3] [5], and Spain has revealed that nearly 30% of transactions may be fraudulent, with new customers during the onboarding process being particularly vulnerable. Despite global Know Your Customer (KYC) regulations [3], about 1 in 5 banks struggle to effectively verify customer identities. Fintech professionals are more likely to have identity verification measures in place compared to traditional banks [3], utilizing technologies like liveness detection and biometrics to prevent fraudulent activities [3]. The GoldPickaxe Trojan [3], a threat to banks [3], combines biometrics theft and deepfakes [3]. Collaboration among sectors is stressed as crucial to address the growing threat landscape, with financial institutions under attack and urging government [3], businesses [1] [2] [3] [4], and technology to work together to enhance online safety [3].


The increasing sophistication of fraud cases and scams poses a significant threat to banks, with impacts on financial stability and customer trust. To mitigate these risks, collaboration among sectors is essential [3], with a focus on enhancing identity verification measures and leveraging advanced technologies. Looking ahead, continued vigilance and cooperation will be key in safeguarding the financial industry against evolving threats.