The May 2025 report examines the rising threat of application fraud in banking, identifying synthetic identity fraud and identity theft as top concerns. Most financial institutions report significant impact and cite budget constraints and outdated technology as major barriers to effective prevention. Document verification, behavioral analytics, and biometrics are seen as effective tools. Institutions anticipate large investments to combat AI-driven fraud, but face challenges like integration with legacy systems and high false-positive rates. A strategic, layered defense that balances security with customer experience is critical in this evolving threat landscape.

Join for free to read