Digital banking fraud accounts for almost 70% of recorded financial losses in the banking industry. They too have turned to AI technologies to fight fraud, saving billions in fraud losses. Banks that focus on whether the client ‘should’ be doing the transaction by analysing context, device usage, and transaction velocity to distinguish genuine behaviour from suspicious intent are reaping the rewards. De Swardt explains that shifting to intent-based fraud fighting approaches also helps fight chargeback fraud, which is a growing headache for banks. Summing up, de Swardt says the velocity of fraud evolution means that yesterday’s defences can quickly become obsolete.