New Benchmark Report Finds 52% Reduction in
Fraud Losses Achieved with Leading Solutions
NEW
YORK, Aug. 1, 2024 /PRNewswire/ -- Liminal, a
leading technology company specializing in market and competitive
intelligence, is excited to announce the release of its 2024
Link Index for Account Takeover (ATO) Prevention in Banking. This
analysis and benchmark report identifies the top 24 vendors at the
forefront of the rapidly evolving ATO prevention market, providing
banks with critical insights to enhance security, improve
operational efficiency, and reduce financial losses.
The Link Index enables companies to
benchmark vendors, optimize strategies, and combat account takeover
fraud.
The ATO prevention market is transforming as banks strive to
protect their customers and assets against increasing cyber
threats. Traditional security measures are insufficient, leading
institutions to adopt advanced technologies such as passwordless
authentication, AI-based fraud detection, and
biometric verification. Liminal's in-depth analysis reveals that
these cutting-edge solutions are essential for banks to stay ahead
of cyber threats and ensure robust customer protection.
The report evaluates the top 24 vendors, grouped into
authentication-focused, fraud-focused, and
identity-focused solutions. These vendors provide scalable,
flexible, and secure solutions to mitigate ATO risks. 64% of
evaluated vendors offer integrated platforms combining identity
verification, fraud detection, and multi-factor
authentication.
Key Findings from the Link Index for ATO Prevention in
Banking:
- Insights into the ATO threat landscape reveal common attack
vectors and the financial impact on banks, emphasizing the need for
advanced technologies. Notably, 26.7% of ATO incidents are caused
by large-scale phishing attacks.
- Liminal's survey identifies customer demand for social
engineering detection, behavioral signals, and passwordless
authentication, focusing on accuracy and user experience. 84% of
banks surveyed demand social engineering detection, 90% prioritize
accuracy, and 86% prioritize user experience.
- Coverage of AI/ML tools, FIDO2 standards, and biometric
authentication shows how these technologies deliver seamless
authentication and robust fraud detection. Data Proof
Point: 88% of banks are shifting towards AI/ML tools and FIDO2
standards.
- A detailed comparison of top ATO prevention solutions
highlights core capabilities and market influence. Leading
solutions demonstrate a 52% reduction in average fraud
losses and a 24% reduction in customer abandonment.
"Our latest findings reveal that adopting passwordless
authentication and the widespread availability of generative AI is
fundamentally reshaping the ATO threat landscape. By integrating
advanced technologies like FIDO2 passkeys and AI-driven
fraud detection, banks can significantly enhance their
security posture and effectively combat sophisticated cyber
threats," said Travis Jarae, CEO of
Liminal.
Significant Benefits for Banks:
- Implementing top-tier ATO prevention solutions can reduce
successful ATO attacks by 64% and average fraud losses
by 52%.
- Banks can save significantly by reducing fraud
losses and lowering operational costs.
- Improved user experience through seamless authentication
methods reduced customer abandonment by 24%.
Liminal estimates that the total addressable market for ATO
prevention in banking is expected to grow from $954.8 million in 2024 to $1.5 billion by 2028 at a compound annual growth
rate (CAGR) of 9.3%. This growth underscores the increasing
importance of advanced ATO prevention solutions in safeguarding
banks and their customers against evolving cyber threats.
The 2024 Link Index for ATO Prevention in Banking is essential
for banks looking to make informed decisions quickly and
confidently. By leveraging the insights from this report, financial
institutions can benchmark leading vendors, optimize their security
strategies, and ensure they have the best tools to combat account
takeover fraud. Get your copy of the Link Index for
ATO Prevention in Banking.
About Liminal:
Liminal is a technology company that empowers businesses with
actionable market and competitive intelligence for go-to-market and
sales enablement. Our state-of-the-art platform combines the
precision of AI with human expertise to deliver unparalleled access
to proprietary data, in-depth analysis, and curated insights,
enabling executives to make informed decisions, enhance
productivity, and drive growth. We tackle critical focus areas with
targeted solutions for fraud and identity,
cybersecurity, trust and safety, financial crimes compliance, and
privacy and consent management. Trusted by industry leaders and
innovators at top public and private companies and investment firms
to navigate market complexities and thrive with confidence and
clarity.
Get access with a Link account or learn more at
www.liminal.co. Follow Liminal's news and updates on LinkedIn or
subscribe to our newsletter.
Contacts:
Stacy Schulman
Liminal Media Relations
media@liminal.co
1 (602) 616-9818
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SOURCE Liminal Strategy, Inc.