2024 Fraud Trends in Banking, Insurance, and Beyond

As technology progresses, so do the capabilities of institutions to secure data and systems. Over 2024, the fraud landscape has been complex, and organisations must push the boundaries of innovation while maintaining a high security bar as the availability and democratisation of AI increases as we're going into 2025.

The tidal wave of incoming regulation in the financial sector is an aspect that will help banking and insurance companies to safeguard their customers and data in the best way possible. Yet regulation alone does not address fraud – it’s up to individual organisations to leverage the potential of technology, and review their solutions, processes, and thus ensure compliance and safety.

As fraud and regulation increase in the space, technology is one of the key factors that will help banks and insurance companies to address these increased fraud risks. Generative AI enables organisations to deliver hyper-personalised customer experiences, and combining these capabilities with carrier network insights can not only help them significantly reduce authentication fraud, but also ensure regulatory compliance.

This impact study, produced in association with AWS and Vonage, examines the current fraud landscape across financial services, banking, and insurance, highlighting how generative AI and network APIs can help prevent fraud while enhancing the customer experience.

Explore:

• Fraud trends in 2024
• The impact of regulation
  
• Why data is the new gold
  
• How organisations can innovate with generative AI
  
• Best practices