
Fraud cases to surge 153% globally by 2030
Fraud is expected to cost financial institutions globally $58.3bn (£43.04bn) by 2030.
Juniper Research forecasted a 153 per cent rise in fraud by 2030 driven by an evolution of fraud techniques.
It estimated financial institutions will spend $39.1bn (£28.9bn) by 2030 on fraud detection and prevention.
The research highlighted the growing threat of synthetic identity fraud which is when identities are created using a mix of real, stolen, and fake information to create new personas to open accounts.
“Synthetic identity threats are becoming more sophisticated, leveraging AI to quickly create convincing new identities based on existing, stolen information.
“This allows the identities to stay under the radar for longer, and steal more money from banks.
“As these identities are partly based on genuine information, they can pass traditional, static fraud checks, forcing financial institutions to upgrade their fraud detection and prevention techniques,” the report said.
Lorien Carter, senior research analyst at Juniper Research, urged the financial services sector to increase investment in their fraud detection teams and technology to “avoid further monetary and reputational losses”.
According to the data $21.2bn (£15.6bn) was spent on fraud detection and prevention in 2025.
“The recent spate of banks being fined for failing to correctly identify high-risk transactions, such as Monzo, Barclays, and TD Bank, displays that regulators are taking this issue extremely seriously,” she added.
alina.khan@ft.com
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