With fraudsters becoming ever more sophisticated — according to the Federal Trade Commission, fraud went up by 185.7% between 2020 and 2023 — banks are under growing pressure to beef up their digital security.
But while advances such as AI-assisted monitoring have enhanced early detection and prevention, they're only one piece of the puzzle.
Just as important, banks must secure their customers' accounts at the first login from a new device. Otherwise, they're doing the banking equivalent of monitoring the stable without bolting the door.
