Financial fraud is no longer an isolated issue within finance departments; it is a cross-cutting threat that impacts the entire organization. Cybersecurity and the fight against FinCrime (financial crime) must work together to combat financial fraud—each sharing intelligence, technology, and strategic vision.
The shift toward digital financial services has fundamentally changed how fraud occurs, making it more complex and harder to detect. What used to be manual and isolated attacks are now automated, large-scale, and sophisticated operations. Fraudsters use bots to test stolen credentials in real time, phishing campaigns powered by generative AI (GenAI), and increasingly credible social engineering techniques.
Moreover, the expansion into mobile channels, APIs, and third-party platforms multiplies the attack surface. It’s no longer just about suspicious transfers, but also identity theft in digital onboarding processes, manipulation of biometric data, and exploitation of vulnerabilities in technological integrations.
The Dual Role of New Technologies
Disruptive technologies—such as GenAI itself, biometrics, or blockchain—play a dual role in this new cybersecurity and FinCrime landscape.
Just as threats grow more sophisticated with the help of AI and it becomes increasingly critical to protect our biometric data (fingerprint, face, voice, and iris). These same technologies can also act as valuable tools to help identify and respond to financial crime.
AI handles an ever-increasing volume of data and plays a crucial role in identifying unusual patterns and predicting threats in real time. However, many organizations still face obstacles—such as low data quality, a shortage of skilled professionals, and internal resistance—that slow the adoption of these technologies at scale.
All these factors limit the full potential of this technology as a pillar in the fight against fraud: its ability to centralize data, generate intelligent alerts, and facilitate collaboration across cybersecurity, compliance, and business areas.
Biometric authentication provides stronger security measures that are harder for attackers to compromise through phishing techniques. Organizations that combine biometric authentication with digital identity verification can reduce fraud in critical processes such as platform access and new customer onboarding. Blockchain, which remains in a testing and early adoption stage across many industries, offers the potential for tamper-proof transaction tracking—an essential capability for preventing document fraud and validating complex financial activities.
Breaking Silos: Cybersecurity and Anti-Fraud
One of the major challenges is collaboration between cybersecurity and anti-fraud teams. These groups often operate with different approaches, tools, and metrics, which hinders coordinated response efforts. While cybersecurity focuses on protecting systems and data, anti-fraud analyzes user behavior and transactions.
However, a new trend is emerging: cyberfraud fusion, which promotes a combined team of specialists with knowledge in both cybersecurity and fraud. Their goal is to ensure key information flows efficiently and quickly between teams, enabling faster and more coordinated responses. Cybersecurity teams can assist anti-fraud teams in interpreting alerts and detected data, while anti-fraud specialists can share insights to refine system configurations and strengthen overall defense strategies.
Security and Customer Experience: A Possible Balance
One of the most common dilemmas in the digital environment is how to strike a balance between security and customer experience. The key lies in applying robust controls that do not create friction. Technologies such as biometric authentication, behavioral analytics, and adaptive risk management offer protection without disrupting usability.
Embedding security from the initial product design phase allows organizations to create workflows that are secure and user-friendly. Involving cybersecurity experts early in the development process is essential to achieve that balance.
Finally, users need proper training and awareness to recognize and respond to potential threats effectively. An informed person can recognize fraud attempts and defend themselves. A well-informed user can identify fraud attempts early and take appropriate actions to protect themselves. They also understand that some protections and controls are essential—and just as we pass through building security and unlock multiple doors in the physical world, verifying identity through multiple steps is equally necessary in the digital world.
Regulation: Progress and Challenges
On the regulatory front, frameworks such as PSD3 and DORA are setting the direction for stronger electronic payment security and operational resilience. PSD3 reinforces customer authentication and strengthens control over access to banking data, while DORA requires financial institutions to boost their capabilities to defend against cyberattacks and technological failures.
However, gaps and inconsistencies in regulations continue to hinder the effectiveness of coordinated global responses. Financial fraud operates across borders, but regulatory frameworks remain confined within national limits. Achieving greater international harmonization and enhancing cross-border collaboration will be critical in the years ahead.
Looking Ahead: Speed, Coordination, and Human Judgment
Over the next three years, one of the greatest challenges will be keeping up with the rapidly evolving tactics and technologies used in fraud. Attackers adopt new technologies swiftly, while organizations take longer to adjust their defenses.
Maintaining the pace of innovation while preserving service quality and customer experience will be critical. At the same time, it will be necessary to reinforce global coordination, harmonize regulatory frameworks, and balance automation with human judgment.
Technology is indispensable—but the ability to interpret complex contexts, make ethical decisions, and anticipate emerging risks will remain an irreplaceable human advantage.
Questions or comments? Feel free to reach out: María Pilar Torres Bruna | LinkedIn
Incorporating the concept of artificial intelligence against fraud into global strategy