Most Brits don’t think their bank is doing a good job at stopping fraud
- 69% of Brits don’t think their bank could detect an AI deepfake impersonating them
- Four in five do at least expect ID verification to get slicker in the next five years
- Most want convenience and are only prepared to wait two extra minutes
More than two in three (69%) Brits worry their bank couldn’t distinguish them from an attack designed to impersonate them, according to new Digidentity research.
With rising AI threats targeting businesses and consumers alike, four in five would now expect their bank to have AI deepfake detection tools in place when they’re running selfie-based identity checks.
This comes as more and more citizens end up preferring increased security measures like vide-based identity checks – with half (53%) believing that one-time security codes sent by text are no longer sufficient.
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Banks aren’t fully trusted to spot a deepfake
The fallout from a successful attack can have far-reaching consequences, so it’s no surprise UK citizens are scrutinizing their banks. Vicims could face months or years of disputing fraudulent debts or challenging mystery accounts opened in their names, for example.
The report comes after Bank of England governor Andrew Bailey called for social media companies to take greater responsibility for tackling scams.
But there is hope, and citizens feel fairly confident in banks’ longer-term strategies. Four in five (79%) expect ID verification processes to become smoother over the next five years despite these systems ultimately having to do more heavy lifting, and with good reason. Three in five (62%) respondents said they’d only be willing to tolerate up to two additional minutes of checks.
However, there are challenges. Banks don’t typically run their own verification systems, instead choosing to opt for a third party.
“Banks put their own reputation behind the identity provider they choose,” Digidentity UK Country Manager Jonathan Evans wrote. “If that provider lets an imposter through, it is the bank’s relationship with its customer that suffers.”
Looking ahead, banks are under the most pressure they ever have been to verify legitimate activity and block malicious attacks, but they’re also under equal pressure to deliver experiences that are convenient and quick for the end user despite rising threats.
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