AI is a major threat and financial organizations are not doing enough to fight it

Behavioral biometrics firm Biocatch’s 2024 AI, Fraud, and Financial Crime Survey does not mince words in assessing how generative AI has impacted the financial sector. “Financial crime poses an existential threat to financial institutions, their customers, and our society as a whole,” says the report.

Among the significant numbers it contains are the 69 percent of respondents who say that criminals are more advanced at using AI for financial crime than banks are at using AI to fight it, …

au10tix behavioral biometrics biocatch biometrics biometrics news crime customers doing existential threat financial financial crime financial institutions financial sector financial services fraud fraud prevention generative generative ai institutions major mastercard organizations report sector society survey synthetic identity fraud threat