Carter Pape

Combating cyber risks and fraud in today’s digital banking environment, where threats are becoming increasingly sophisticated, and more vulnerabilities are being exploited, requires institutions to develop a multi-layered, iterative approach to cybersecurity that safeguards sensitive data, adheres to regulation, and proactively anticipates and mitigates risks. Learn from industry executives and cybersecurity experts on the evolving sophistication of cyber-attacks and what components of a comprehensive cybersecurity strategy are most critical, including a robust cyber infrastructure, artificial intelligence-driven fraud detection systems, advanced authentication and access controls, cyber resilience and risk testing, and cyber incident response guidelines for distributed denial-of-service attacks, ransomware, insider threats, phishing and social engineering, and more.

Synethic identity fraud, which is projected to cost banks $23 billion by 2030 (and more in operational and reputational costs), is on the rise, and it’s getting more complex with the use of general artificial intelligence and deepfakes by bad actors to carry out attacks. Fraudsters rely on automated tools to create and scale AI-generated fake identities and documents across multiple platforms, exploits gaps in identity verification systems, notably with digital accounts. To prevent the orchestration of ID fraud, banks must work to shore up points of vulnerability and secure digital platforms to guard against data breaches that expose sensitive data that makes it easier for ID theft to occur. Industry practitioners and experts detail why proactive usage of AI/machine learning, strong identity verification, Know-Your-Customer technology-enabled document verification, and tokenization of customer data are required to combat ID fraud.