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Cyber fraud incidents in banks have surged dramatically, with cases increasing from 75,800 in FY2023 to 292,800 in FY2024. Financial losses have escalated from ₹421.4 crore to ₹2,054.6 crore, prompting banks to adopt biometric applications for customer identity verification. The rise of biometric fraud, fueled by AI techniques, poses a significant threat to customer confidence in banking systems.
To combat these challenges, banks are leveraging voice and behavioral biometrics, which utilize unique physical and behavioral traits for enhanced security. Generative AI is emerging as a powerful tool for fraud prevention, enabling banks to strengthen biometric security and improve detection capabilities against sophisticated fraud techniques. This integration of AI not only enhances security but also streamlines customer experiences in digital banking.
• Cyber fraud cases in banks increased significantly from FY2023 to FY2024.
• Generative AI is being used to enhance biometric fraud detection in banking.
Generative AI is applied to enhance fraud detection and prevention in banking systems.
Voice biometrics analyze unique voice patterns for secure identity verification in banking.
Behavioral biometrics monitor user interactions to continuously authenticate and detect anomalies.
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