The likelihood of fraud is rising in correlation with the consistent advancement of technology. In fact, according to Javelin’s 2018 Identity Fraud Report, there was a 6.64 percent increase in identity fraud in 2017. But for today’s tech-savvy consumers, these advancements open new opportunities and features that benefit them. It also, however, brings worry for businesses.
As technology evolves and new concepts come into play, such as AI, businesses can actually utilize these new tools to their advantage. Even as fraudsters push forward, financial institutions can protect themselves by enhancing the capabilities of their digital banking offerings with actionable fraud prevention tools, including voice biometrics.