A new study from Juniper Research predicts a significant surge in fraudulent banking and money transfer transactions over the next five years. The value of such transactions is expected to rise by 153%, from $19 billion in 2024 to $48 billion by 2029. This increase is attributed to the escalating use of AI by fraudsters, putting additional strain on banks. However, banks are also leveraging AI more sophisticatedly to combat this threat.

Juniper Research has released a Competitor Leaderboard for fraud detection and prevention in banking, ranking the top 15 vendors based on criteria such as solution completeness, geographical spread, and future business prospects. The top five vendors for 2024 are LexisNexis Risk Solutions, Mastercard, Visa, ACI Worldwide, and Thales. These leading players scored well on their level of innovation and the breadth of their offerings.

Cara Malone, the report author, emphasised the need for faster real-time solutions to stay ahead, particularly to address scams like Authorised Push Payments (APP) fraud. She stated, "Instant payments mean greater speed; lessening the time window that banks have to intervene, and limiting the effectiveness of traditional fraud detection tools. Fraud detection & prevention vendors need to implement AI to enable a shift to real-time risk scoring and prevention."