Deepfake fraud concerns prompt calls for better bank safeguards

Six in 10 consumers seek more robust cybersecurity measures from their banks

Banks in Singapore appear to be falling short in safeguarding their customers from fraud, with six in 10 demanding more robust cybersecurity measures.

Additionally, 78% of consumers are worried about their banks' ability to protect against the increasing risk of deepfake-powered fraud.

"The rise in deepfake-powered fraud intensifies the pressure on financial services firms to compensate victims when their platforms are exploited for scam," Jumio reported, adding that consumers are expecting a full refund from their bank if they are the victim of cybercrime.

Jumio has cautioned that seven in 10 consumers will switch providers if their bank fails to protect them from fraud. This tendency is likely due to the belief that their banking service provider should be ultimately responsible for their protection against cybercrime and fraud.

"This 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,” said Anna Convery, Jumio CMO. 

“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,"  Convery added.