1、-EBO O KThe 2025 Fraud Prevention HandbookFor Banks and Financial Service ProvidersTop 10 financial fraud and cybersecurity challenges and how to stop them2024 set new records for financial fraud and cyberattacks as did 2023,2022 and most of the previous decade.Consumers around the world lost more t

2、han$1 trillion to scams,according to the Global Anti-Scam Alliance.Meanwhile,estimates suggest that financial service firms may have lost up to four times that amount.So far,theres no indication that 2025 will be any different.In fact,Deloitte estimates that,by 2027,Generative AI and deepfake techno

3、logies could raise the losses consumers suffer from financial fraud to$40 billion in the United States alone.From deepfakes and device clones to scams executed via phishing attacks,the shifting landscape of threats can be daunting.It simply isnt possible for financial service providers to eliminate

4、the risk of fraud.But with the right combination of solution and approach,they can get the upper hand.In this guide,well investigate the top ten types of attacks,explore how theyre impacting banks and financial service providers and examine the best ways to mitigate each risk.Overview of problems an

5、d solutions1The Lifecycle of a ScamThe consumer banking journey runs from opening new accounts to logging in,transacting and initiating interactions that might deepen or expand the relationship.Fraudsters are with these consumers every step of the way,waiting to exploit any weakness or vulnerability

6、.Thats why fighting fraud starts by evaluating the full lifecycle of customer data and identifying the risks that exist at every stage.Attacks may vary,but the most effective mitigation strategies are often very similar,using real-time analytics to maximize security and minimize disruption to the bu