Device intelligence for banking: Strengthening identity and trust

Global banking institutions have invested heavily in sophisticated authentication systems, yet fraud losses are rising, projected to reach $58.3 billion globally by 2030. Despite advancements like multi-factor authentication and passkeys, AI-powered fraud techniques such as deepfake attacks have exposed vulnerabilities in traditional authentication methods, making them less effective. Persistent, cross-session device intelligence is identified as a critical missing layer in account security, providing the ability to track and assess the trustworthiness of devices across customer interactions. The sunset of Microsoft's Dynamics 365 Fraud Protection platform has left significant gaps in fraud detection capabilities, with many institutions resorting to less effective cookie-based tracking methods. Device intelligence offers a more robust solution by evaluating consistent behavioral and environmental signals, reducing false positives, and enhancing machine learning models for fraud detection. By integrating device intelligence, financial institutions can better safeguard against modern threats while delivering a seamless and secure experience for legitimate customers.