The DORA Regulation, which came into force in 2023 and will apply from January 17, 2025, the evolution of SEPA, and the rise of instant payments, present banks with the challenge of adapting to operate quickly, efficiently, and securely. However, this transformation also brings risks: financial fraud and cyberattacks are on the rise.
Banking Fraud in the Digital Age: The Challenge
Instant payments and the increase in transaction volume have created new opportunities for cybercriminals. According to ENISA (European Union Agency for Cybersecurity), 74% of cyberattacks in 2024 involved ransomware and Denial of Service (DoS) attacks. This landscape demands cybersecurity resilience as a top priority for financial institutions.
How Can AI Prevent Fraud?
Artificial intelligence technologies are transforming fraud prevention, and as a result, leading security solution providers (Fortinet, Palo Alto, Checkpoint…) are adapting to it:
The most advanced cybersecurity solutions excel in their ability to detect emerging threats early, including zero-day attacks and ransomware, enabling a swift and effective response to potential risks. These tools incorporate automated responses specifically designed to deceive attackers and neutralize their actions before they can cause harm. Additionally, they integrate robust data protection systems, essential for preventing the leakage of sensitive information, especially in environments using generative AI (GenAI) technologies, thereby ensuring the highest level of security for the most critical data.
Initiatives in Europe: What Is Being Done?
- Growth of Data Centers: Europe is preparing for the growth of AI with investments in infrastructure, such as specialized data centers for AI workloads.
- DORA (Digital Operational Resilience Act): Effective from January 2025, it strengthens digital operational security in the financial sector.
- TIPS and SEPA: Services aimed at accelerating payments in euros. By 2025, banks must receive instant payments within 10 seconds, including traditional transfers.
A Path Toward a Secure and Efficient Financial System
Only 7% of European banks are fully prepared to adopt instant payments, highlighting the urgent need for technological adaptation. In this context, the role of cloud and artificial intelligence becomes crucial to scale operations and meet these demands. At the global level, the G20 is driving the creation of an international payment ecosystem, emphasizing the importance of interoperability and transparency as key pillars to achieve this goal.
On the other hand, the growing investment in artificial intelligence is marking a paradigm shift, not only in the fight against fraud but also in transforming customer experience, risk management, and operational efficiency, opening new opportunities for the financial sector.
