March 2020 marked a watershed moment for digital banking. It marked the mass acceleration away from branches and onto banking sites and apps, with more consumers banking digitally than ever.
Unfortunately, cybercriminals were quick to follow, emboldened to capitalize on the surge in digital banking. Thirteen percent of financial institutions (FIs) that fell victim to fraud lost at least $50 million in the past two years, and business email compromise (BEC) scams cost nearly 20,000 FIs roughly $1.8 billion in 2020 alone. This underscores a mounting need to tighten digital data security and stop fraudsters in their tracks.