A recent survey commissioned by BioCatch has highlighted significant concerns among Asia Pacific (APAC) banking leaders regarding the potential for AI-driven fraud. Conducted across 340 fraud-management, anti-money laundering, and risk and compliance leaders in Singapore, Indonesia, Thailand, India, and Australia, the survey found that 86% of respondents believe AI has heightened the sophistication of fraud and scams. Furthermore, 86% anticipate AI agents becoming a major exploitable vulnerability within the next year.
The survey underscores the growing challenge of distinguishing legitimate AI-assisted actions from malicious ones, with 78% of respondents expressing concern. Fraud attempts and losses are reportedly on the rise, with 81% and 78% of APAC respondents, respectively, noting increases at their institutions. Alarmingly, 49% reported annual fraud losses exceeding $10m, with some institutions losing over $100m.
BioCatch CEO Gadi Mazor commented, “AI is starting to reshape how customers interact with e-commerce sites and financial institutions and will change how criminals execute fraud and other financial crimes.”
The survey also revealed a strong desire for collaboration among APAC banking leaders, with 92% advocating for real-time intelligence sharing to combat scams. Additionally, 79% of respondents have already encountered agentic AI attacks, and 98% are prioritising customer trust in their investment decisions.
As fraudulent activities accelerate, the findings highlight the urgent need for innovative solutions to safeguard financial institutions and their customers from evolving threats.
