The fact that fraud is on the rise is not new, nor is it surprising that banks are turning to artificial intelligence (AI) and machine learning to fight back. Banks are, however, revamping their approaches to these technologies on how they may be applied outside of their typical use cases, fending off cybercriminals who have a growing number of opportunities to access online banking platforms and customer data. In the latest Digital Banking Tracker, PYMNTS looks at how banks are currently approaching their use of AI and machine learning in fraud protection and technology innovation. Competing in today's digital banking space is not as simple as opening a fully digital bank, as U.K. institution Barclays found. The bank has shuttered plans to open such a service in the U.S., stating that the project was proving too costly. Barclays will instead keep up its co-branded card efforts in the country at this time, but may revisit the project in the future.

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and the losses are set to further increase as this year progresses. ATO and other fraud methods that rely on using stolen credit card numbers or other personal information are becoming decidedly popular with bad actors, who are employing increasingly sophisticated technologies to execute their scams. The majority of ATO attacks are automated, meaning that fraudsters are becoming more comfortable utilizing advanced learning tools such as deep learning, artificial intelligence (AI) and machine learning (ML) to target financial institutions (FIs) and their customers. About 40 percent of all ATO attacks now count as high-risk, meaning banks of all shapes and sizes must reexamine how they think about data protection, security and the tools they use to guard against emerging threats. In the latest Digital Banking Tracker, PYMNTS analyzes the ways in which FIs are working to keep fraudsters from accessing customer information and funds on their mobile and digital channels. FIs worldwide are fending off fraudsters from all angles, with many FIs trying to prevent new attacks while still resolving the aftermath of others.

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and the losses are set to further increase as this year progresses. ATO and other fraud methods that rely on using stolen credit card numbers or other personal information are becoming decidedly popular with bad actors, who are employing increasingly sophisticated technologies to execute their scams. The majority of ATO attacks are automated, meaning that fraudsters are becoming more comfortable utilizing advanced learning tools such as deep learning, artificial intelligence (AI) and machine learning (ML) to target financial institutions (FIs) and their customers. About 40 percent of all ATO attacks now count as high-risk, meaning banks of all shapes and sizes must reexamine how they think about data protection, security and the tools they use to guard against emerging threats. In the latest Digital Banking Tracker, PYMNTS analyzes the ways in which FIs are working to keep fraudsters from accessing customer information and funds on their mobile and digital channels.

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and the losses are set to further increase as this year progresses. ATO and other fraud methods that rely on using stolen credit card numbers or other personal information are becoming decidedly popular with bad actors, who are employing increasingly sophisticated technologies to execute their scams. The majority of ATO attacks are automated, meaning that fraudsters are becoming more comfortable utilizing advanced learning tools such as deep learning, artificial intelligence (AI) and machine learning (ML) to target financial institutions (FIs) and their customers. About 40 percent of all ATO attacks now count as high-risk, meaning banks of all shapes and sizes must reexamine how they think about data protection, security and the tools they use to guard against emerging threats. In the latest Digital Banking Tracker, PYMNTS analyzes the ways in which FIs are working to keep fraudsters from accessing customer information and funds on their mobile and digital channels.

As fraudsters become more brazen in their efforts, banks are realizing they need to do more than simply respond to suspicious activities as they find them. Instead, a deeper understanding of fraud -- down to its genetic outline -- is needed to be truly effective in fighting it. The new Digital Banking Tracker highlights how banks are adopting new approaches to protect their customers and clients from nefarious actors. Fighting fraud is often a group effort, as can be seen in several global markets. In the UAE, for instance, a group of banks recently banded together to crack down on acts of check-related fraud.

Recent innovations in artificial intelligence (AI) have given financial institutions (FIs) the ability to fight fraud and better serve their customers. As of late, FIs and law enforcement agencies have been using AI-enabled tools to tighten the noose around money laundering and putting an end to human rights abuses happening around the world. In the latest Digital Banking Tracker, PYMNTS explores the latest on FIs' use of AI to improve customer service, among other use cases. A growing number of players in the financial services space are working to use open banking data to offer new services, with the help of strategic partners. Micro-investing app Moneybox, for example, is collaborating with Santander on a new integration.

Businesses in nearly every industry need to worry about risks, especially when it comes to fraud and security. But those dangers are even more pressing in the banking industry, where bad actors are increasingly attacking financial institutions (FIs) on multiple fronts, and using multiple techniques. In response, FIs from around the space are rolling out new innovations and turning to artificial intelligence (AI) and machine learning (ML), investing $19.1 billion in emerging technologies, hoping to combat cybercrime and stop fraudsters in their tracks. In the August edition of the Digital Banking Tracker, PYMNTS explores FIs' latest efforts to reduce risk and protect revenues. Citizens Financial Group, for instance, is hoping to offer a more secure banking experience with its latest debut.

Digital banking offerings might not be new in countries like the U.S. and U.K., but it's still an emerging offering in some. Recent partnerships and product launches are bringing digital capabilities to financial institutions (FIs) and consumers in countries where access to financial tools was previously limited to brick-and-mortar branches. And, in regions where digital tools have long been available, new innovations are providing more intelligent financial insights than ever before. In the June edition of the Digital Banking Tracker, PYMNTS explores the latest digital developments in the banking world -- and the roadblocks standing in the way of widespread tech adoption. Digital banking capabilities are currently making their big debut in markets that had yet to tap in to the potential of mobile and online finance management solutions.