British banking customers are increasingly skeptical of their financial institutions' ability to detect AI-driven deepfake impersonation attempts, with 69% of individuals expressing doubt in current security measures, according to Tech Radar.
New research from Digidentity highlights that 80% of consumers now expect banks to implement advanced deepfake detection tools during selfie-based identity verification. The survey indicates that 53% of respondents believe traditional one-time security codes sent via text are no longer sufficient to protect against modern fraud.
The implications for the financial sector are significant, as victims of successful attacks often face prolonged disputes regarding fraudulent debts and unauthorized accounts. While citizens remain concerned, 79% anticipate that identity verification processes will improve over the next five years. However, this expectation is balanced by a demand for efficiency, as 62% of participants stated they would only tolerate a maximum of two additional minutes for security checks.
Jonathan Evans, the United Kingdom country manager for Digidentity, said banks rely heavily on third-party providers for verification, meaning any failure by these partners directly damages the bank's reputation. Financial institutions now face the dual challenge of enhancing security against sophisticated AI threats while maintaining a seamless, convenient user experience.
Source: Tech Radar
Kelley Damore is Chief Content Officer at CyberRisk Alliance, where she leads content strategy across the company’s digital brands, research, communities and live events serving CISOs and security practitioners. At CyberRisk Alliance, she is focused on delivering 365-day engagement, trusted journalism and actionable insights to help security leaders navigate an increasingly complex threat landscape.
Kelley Damore is Chief Content Officer at CyberRisk Alliance, where she leads content strategy across the company’s digital brands, research, communities and live events serving CISOs and security practitioners. At CyberRisk Alliance, she is focused on delivering 365-day engagement, trusted journalism and actionable insights to help security leaders navigate an increasingly complex threat landscape.
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