BioCatch 2024 AI, Fraud & Financial Crime Survey reveals that nearly 70% of fraud, AML, and risk professionals believe criminals are outpacing banks in leveraging AI for FC

The report highlights a significant rise in AI-driven financial crime, including synthetic identity fraud and voice cloning, prompting 91% of firms to reconsider voice verification methods. Over half of the surveyed institutions reported losses between $5 million and $25 million in 2023 due to AI-enabled attacks. While 74% now use AI for financial crime detection, the rapid pace of criminal innovation continues to outstrip defensive capabilities…