PLANO, Texas–More than three-quarters of all financial institutions believe 2025 will bring an all-time high in fraud cases, with two-thirds saying they are open to the idea of incentivizing consumers to adopt stronger anti-fraud practices.
The survey was released by Alkami Technology, a provider of cloud-based digital banking solutions, which noted fraud s reported by consumers and companies in 2024 totaled more than $12.5 billion, a 25% increase over losses reported in 2023.
Alkami reported that 77% of the financial institutions it surveyed are preparing for record levels of fraud. A third said they need to do more to protect members and customers, according to a new survey.
“Notably, 67% of surveyed banks and credit unions would be open to incentivizing account holders to adopt stronger cybersecurity practices, recognizing the need for a more collaborative approach to fraud prevention, Alkami said.
Getting Proactive
According to Alkami, to further strengthen fraud prevention, financial institutions are “prioritizing proactive measures such as implementing real-time fraud detection with a multi-layered approach and expanding educational initiatives on emerging schemes and techniques for account holders to combat attempts and enhance security.”
“With digital advancements accelerating, financial institutions play a critical role in leading fraud prevention and data protection efforts,” Brad Cranford, director of product management at Alkami, said in a statement. “Digital banking users are aware of the increased threat to their financial well-being, and they are looking to their financial institution to protect their assets and reinforce trust.”
What Consumers Value
Alkami said separate research it conducted highlights just how much consumers value data security. The Generational Trends in Digital Banking Study commissioned by Alkami found that 93% of digital banking Americans (in total across all generations) indicated that protecting data from financial fraudsters and hackers was important or very important to them, while 91% of respondents indicated that protecting data from other unauthorized third parties was important or very important to them, the company said.
