77% of FIs expect record fraud cases in 2025, study says
$12.5B lost through financial fraud last year
Financial institutions are bracing for what could be a historical year in fraud cases.
Fraud losses reached $12.5 billion in 2024, up 25% from 2023, according to a report released today by cloud-based digital banking solutions provider Alkami, referencing data from accounting firm KPMG.
This year is expected to top 2024, with 77% of FIs projecting fraud cases to hit an all-time high, according to the report.
Other findings include:
- 93% of digital banking users consider safeguarding data from financial fraudsters critical;
- 91% of digital banking users emphasize protection against unauthorized third-party access;
- 67% of banks and credit unions are exploring ways to incentivize account holders to embrace stronger cybersecurity practices; and
- 33% of surveyed FIs say they need to do more to safeguard account holders from evolving fraud tactics.
As digital banking evolves, institutions are focused on building trust through enhanced fraud prevention and consumer data protection, according to the report.
Register here for the upcoming Bank Automation News webinar “Emerging fintechs: New technologies you need to know now” on Tuesday, April 8, at 11 a.m. EST.
