Slightly more than half of financial institutions said in a recent survey that they had lost between $5 million and $25 million to artificial intelligence-based threats in 2023. The survey of financial institutions in the U.S. and 10 other countries by the security services firm BioCatch found that 51% of respondents said they had lost millions to AI-enabled crime in the past year. At the same time, 56% said that financial crime activity increased in 2023, with 46% expecting it to increase this year.
Sixty-nine percent of respondents said that criminals are more advanced at using AI for financial crime than banks are at using AI to fight crime, according to the survey. Seventy-two percent said their organizations faced cases of synthetic identities when onboarding new clients. At the same time, 91% are rethinking the use of voice verification for big customers given the risks of voice cloning with AI. Eighty-eight percent said more information should be shared between banks, financial institutions and government or regulatory authorities to combat financial crime and fraud
