With increasingly digital payment methods, financial institutions are working to protect consumer data. Financial crimes such as synthetic identity fraud have grown easier with the development of artificial intelligence (AI). AI allows for increasingly believable deepfakes, tricking financial institutions into giving cybercriminals access to sensitive data.
According to a report by Bluefin, 94% of security professionals have significant or very significant concerns pertaining to payment data security. The report finds that malware was the top-cited threat to payment data at 59%. Additional threats include phishing, insider threats, skimming and crypto-jacking. Ninety-eight percent of respondents admitted that they’d experienced at least one data breach over the past 24 months.