As financial services continue to evolve, fraud is becoming increasingly sophisticated, with identity theft costing over $712 billion in the U.S. in 2020 and ACH fraud exceeding $55 billion in 2021. To combat this, businesses must adopt a holistic approach to fraud prevention, breaking down silos between teams to share learnings and align approaches and tooling across departments. Finding the right balance between user experience and risk management is also crucial, as adding more verification steps can increase security but also increase friction. By leveraging diverse signals and data networks, organizations can stay ahead of evolving fraud tactics and create a safer digital finance ecosystem for consumers. Implementing passive verification technology and using partner networks like Plaid can help improve conversion rates while reducing identity and transaction risk.