The banking industry continues to face extensive risks from malicious actors seeking to perpetrate fraud through traditional methods such as bot attacks, new account fraud, and account takeover (ATO) fraud. At the same time, rapid advances in artificial intelligence (AI) and the growth of the fraud-as-a-service (FaaS) ecosystem have seen a sharp rise in more sophisticated fraud techniques, such as AI-driven impersonation attacks, deepfake fraud, and authorized push payment (APP) fraud.

Rising consolidation, convergence, and innovation in the IAM market have, for the first time, created opportunities for banks. By bringing together multiple threat detection, access management, identity verification, verified credentials, and policy-based access control capabilities into a unified, no-code orchestration engine, banks can drive real-time access decisioning across all deployment settings, devices, and channels of interaction. A consolidated approach to bank fraud prevention enabled by the industry-leading Ping Identity Platform is within sight.