Fraud is rising fast in financial services. Veriff’s new report explores the threats, regulatory pressures, and strategies shaping the sector’s future.
Fraud is escalating across Financial Services, with Veriff’s latest research showing a 21% rise year-on-year and 1 in 20 verification attempts proving fraudulent in 2024.
Some organisations are losing up to 20% of annual revenue, while fraudsters increasingly exploit AI, deepfakes and authorised fraud scams to outpace traditional controls.
The report also highlights how businesses are responding, with growing investment in AI, biometrics and identity verification (IDV) to reduce fraud and meet compliance demands. This is being driven not only by regulation but also by consumer expectations – over 82% of people say they will not use a provider unless robust security measures are in place.
Drawing on case studies from payments, banking, fintech, and crypto, The ‘Future of Finance Report’ examines how leading organisations are balancing stronger defences with a seamless customer experience.
👉 Read the full report to explore the risks, regulatory pressures and strategies that are shaping the future of Payments and Financial Services
