6thWave: AI News Hub

In a global survey for Jumio’s 2024 Online Identity Study, 75% of customers expressed that they hold their banks responsible for protecting against cybercrime and fraud. An equivalent percentage are willing to switch banks if their current institutions fail to provide adequate fraud protection. The study highlights the rising concerns over deepfakes, with 72% of respondents worried about scams that could steal their money or personal information. The majority of participants also called for stricter government regulations on AI and deepfake generators. Additionally, the latest Global Fraud Report by IDology corroborates these concerns, noting that businesses are increasingly troubled by the rapid evolution of digital fraud, particularly how generative AI can enhance traditional threats like phishing. The report underscores the necessity of employing advanced, multi-layered identity verification systems, including biometrics and liveness detection. Firms such as Jumio, IDology, and Trustfull are at the forefront of providing these solutions to combat the escalating fraud landscape. Trustfull’s new Silent Onboarding tool, for instance, leverages digital signals to pre-screen customers without disrupting user experience, offering a proactive defense against synthetic identity fraud. The consensus among industry experts is clear: banks must adopt robust, AI-driven verification systems to meet growing customer expectations and prevent fraud effectively.

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