42% of FIs plan to invest in customer ID solutions in 2025

Financial institutions are prioritizing investments in digital solutions to combat cybercrime in 2025 as AI-powered fraud remains a growing threat. [caption id="attachment_186998" align="alignright" width="300"] (Photo/Pixabay)[/caption] Banks and credit unions are more concerned about adversarial AI heading into 2025 than they were in 2024, according to a report released Nov. 19 by cybercrime solutions company Arkose Labs , which surveyed 60 North American financial cybercrime professionals. The report found: 55% of FIs are very concerned that cyberattacks and fraud will increase next year, a 29% year-over-year increase. Only 8% of FIs are optimistic that existing solutions can combat AI-related cybercrime. “Our findings have been that [information security executives] still don't have an operational base for [AI-related fraud solutions],” Datos Insights Director of Cybersecurity John Horn said during the Nov. 19 webinar “Defending the Enterprise: Growing the business in 2025,” hosted by the data provider. Read more: AI for cybersecurity: Fighting fire with fire Fighting AI fraud Because of the growing threats, the best strategy for FIs are identity digital solutions to protect consumers , Horn said. Survey respondents reported that in the coming year: 42% of FIs plan to invest in customer identity solutions for digital services to improve cyber and fraud risks; 33% of FIs plan to invest in API security solutions to support digital transformation initiatives; and 30% of FIs plan to invest in API security solutions to support open banking. “AI is certainly heavily hyped in the market, for good reason,” Horn said. While financial institutions can tap generative AI and AI to boost security, fraudsters also are tapping the technology, so “we’ve seen greater attacks.” Register here for early-bird pricing for Bank Automation Summit 2025, taking place March 3-4 in Nashville, Tenn. View the full event agenda here.

42% of FIs plan to invest in customer ID solutions in 2025

Banks and credit unions worry about adversarial AI, report finds

Clearview FCU to save 6K working hours through RPA

Transactions: Payhawk integrates with Mastercard

Related Posts

AI-driven ‘SaaSpocalypse’ fears overblown, experts say

Is Your Technology Supplier There for You?

Bluevine’s AI chatbot resolves 80% of customer queries

Transactions: Payhawk integrates with Mastercard

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

The Next Generation of Cyberthreats: Powered by AI

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

42% of FIs plan to invest in customer ID solutions in 2025

Banks and credit unions worry about adversarial AI, report finds

Clearview FCU to save 6K working hours through RPA

Transactions: Payhawk integrates with Mastercard

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day