Security

75% of customers would switch banks over fraud protection issues

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June 26, 2024

Jumio, an AI identity verification company, found in a survey that 75% of people would switch providers if their banks didn't provide proper protection against fraud. The survey collected data across the U.K., U.S., Singapore and Mexico, according to a press release.

Customers are more concerned than ever about scams with AI enabling more deepfakes and voice cloning to pretend to be loved ones or potential romantic partners. In fact, 67% of customers are concerned if banks are doing enough to protect customers against deepfake fraud and 75% expect banks to refund their money if they are victims of cybercrime.

"This data should be a wake-up call to banks and financial institutions — your customers will take their business elsewhere if you don't protect them from fraud," Anna Convery, CMO, Jumio, said in the release. "As cybercriminals become more savvy with their tactics, it's essential to fight AI with AI. Banks must implement multimodal, biometric-based verification systems that layer in liveness detection and other advanced technologies to stop deepfakes, detect camera injection and presentation attacks, and prevent stolen personal information from being used."

The Bank Customer Experience Summit held in Charlotte, North Carolina from Sept. 9 to 11 will cover security and fraud in banking in depth.