Most Brits don't think their bank is doing a good job at stopping fraud

A recent survey reveals that the majority of British citizens do not believe their banks are effectively preventing fraud. According to the Digidentity research, 69% of Brits are concerned that their bank would not be able to distinguish them from someone impersonating them through AI deepfake technology. Four in five individuals expect their bank to have AI deepfake detection tools when conducting selfie-based identity checks, as the threat of these attacks increases.

Currently, more citizens prefer enhanced security measures like video-based identity checks, with 53% believing that one-time security codes sent by text are no longer sufficient. However, banks are not fully trusted to spot deepfakes. Victims of a successful attack could face long-term consequences such as disputing fraudulent debts or challenging accounts opened in their names. Bank of England governor Andrew Bailey has called for social media companies to take greater responsibility for tackling scams.

Despite these concerns, citizens are somewhat confident in banks' long-term strategies to improve ID verification processes. Four in five (79%) expect ID verification systems to become smoother over the next five years, even though these systems will have to handle more demanding tasks. The majority (62%) respondents are willing to tolerate up to two additional minutes of checks.

Nonetheless, banks typically rely on third-party verification systems, which puts their reputation on the line if an imposter successfully bypasses their security measures. Banks face pressure to verify legitimate activity and block malicious attacks while simultaneously maintaining convenient and quick experiences for their users.