In today's digital-centric banking landscape, where customer expectations for seamless and user-friendly experiences are high, addressing CX issues is crucial for banks to maintain customer satisfaction, attract new clients, and drive financial success. Every 2nd customer drops the onboarding process because of a bad experience.

Widespread digitalization has led to a rise in identity fraud as scammers take advantage of the lack of physical presence required for IDV. As a result, more financial services companies experience sophisticated fraud cases like synthetic identity fraud (47%*), as well as voice (37%) and video (28%) deepfakes. To effectively combat the threat, Banking sector businesses must secure their IDV processes, leveraging advanced technologies and expertise while staying customer-centric
With more people working remotely and conducting transactions online, traditional methods of verifying customers’ identities have become less effective. This creates a greater need for advanced technologies, such as biometrics, to prevent fraud and ensure secure transactions in Banking.

Identity fraud is a dire threat to the banking industry, which bear the highest costs associated with such incidents. In fact, 31% of these organizations incur losses of $500,000 and more, compared to FinTech businesses, which lose only around $120,000 due to fraud incidents.

of banks are considerably multiplying identity verification spending

identity fraud incidents on average affected enterprises in 2022

banks reported experiencing over 100 identity fraud incidents in 2022

was the cost of identity fraud incidents for banking organizations in 2022

of leaders believe synthetic identity fraud poses a real threat for banking

of banks have seen foreign document verification cases grow

The Cost of Identity Fraud to Financial Services

The Cost of Identity Fraud to Financial Services

Ihar Kliashchou, Chief Technology Officer at Regula, breaks down the results of the second phase of Regula’s global survey, focusing on the Banking and FinTech sectors.

Learn how to stay competitive, fraud-free, and customer-centric

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