About Us

Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

Laser Focus World Membership

Never miss any articles, videos, podcasts, or webinars by signing up for membership access to Laser Focus World online. You can manage your preferences all in one place—and provide our editorial team with your valued feedback.

Magazine Subscription

Can you subscribe to receive our print issue for free? Yes, you sure can!

Newsletter Subscription

A Laser Focus World newsletter subscription is free to qualified professionals:

The Daily Beam

Showcases the newest content from Laser Focus World, including photonics- and optics-based applications, components, research, and trends. (Daily)

Product Watch

The latest in products within the photonics industry. (9x per year)

Bio & Life Sciences Product Watch

The latest in products within the biophotonics industry. (4x per year)

Laser Processing Product Watch

The latest in products within the laser processing industry. (3x per year)

Get Published!

If you’d like to write an article for us, reach out with a short pitch to Sally Cole Johnson: [email protected]. We love to hear from you.

Photonics Hot List

Laser Focus World produces a video newscast that gives a peek into what’s happening in the world of photonics.

Following the Photons: A Photonics Podcast

Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

Social Media

Bluesky • Facebook • Instagram • LinkedIn • YouTube

Meet the Laser Focus World Team

Editorial

Sales

Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology
My Watchlist
Indicators
Industrial Laser Index
Markets
Stocks
ETFs
Tools
Markets:
Overview
News
Currencies
International
Treasuries

Soaring Scam and Fraud Sophistication Remains Top Challenge Threatening to Overwhelm the Global Financial Services Sector

By: via Business Wire

Mitek’s new Identity Intelligence Index unmasks emerging security threats to banks, including AI-generated fraud and deepfakes

Just over three-quarters (76%) of banks surveyed believe fraud cases and scams have become more1 sophisticated, according to the new Mitek Systems, Inc. (NASDAQ: MITK) Identity Intelligence Index 2024 conducted in January 2024. Financial institutions (FIs) are on the frontlines of the evolving threat landscape and new research reveals the concerns that affect them each day as they try to keep people, their money, and their data safe.

Mitek and Censuswide commissioned the global survey of 1,500 financial services risk and innovation professionals located in the UK, US, and Spain to statistically validate what it hears from company leaders and help them plan for what is next.

Below are the significant survey findings:

Banks battle diverse fraud threats – from deepfake tech to money laundering

Banking risk and innovation leaders surveyed grapple with concerns across many different fraud types. Their biggest fraud threats are currently money laundering (25%), account takeover (23%) and forgeries (21%), while the biggest challenges today are the rise of AI-generated fraud and deepfakes (37%).

Leaders face the constant challenge of keeping up with these threats as they evolve in real-time so they can do right for their customers and fight fraud. Almost a third (32%) of risk professionals estimate that up to 30% of all transactions are fraudulent; this provides insight into how complicated the fraud landscape is today.

New customers give banks the biggest shiver

The findings reveal that new customers are often the riskiest. Banks surveyed cite that customer onboarding, or account setup, is where they see the most fraud (42%)2, and the most risk (41%)2. Worryingly, nearly 1 in 5 (19%) banks find it hard to identify customers at any stage of the customer journey despite global Know Your Customer (KYC) regulations aiming to put due diligence in place for organizations.

Banks ask for regulatory intelligence and tech simplicity

For banks that believe they could do more to protect customers, they place equal importance (36%) on needing a better understanding of the latest regulations, a reduction in the technology stack, and the ability to respond real-time to customer requests.

When comparing their security measures to prevent and/or catch fraudulent attacks, 41% of fintech professionals have identity verification in place, compared with 33% of mature banks. Around 1 in 3 banking professionals cite using both liveness detection (36%) and biometrics (32%) to prevent and/or catch fraudulent attacks.

“Financial institutions are under attack,” said Chris Briggs, Senior Vice President of Identity, Mitek Systems. “In today’s banking world, we know our customers are overwhelmed by an increasingly complex fraud landscape, ranging from AI-generated fraud and deepfakes globally, to record high increases in check fraud in the US. We need to unite government, businesses and technology to keep people safe online.

Note to editors

About this survey and Censuswide

The research was conducted by Censuswide, among a sample of 1,500 head of risk and head of innovation in the financial services sector (retail and corporate banking only) located in the UK, US, and Spain. The data was collected between 18.01.24 - 26.01.24. Throughout the release, ‘young banks’ and ‘fintechs’ refer to banks aged 0-50 years old. ‘Older’ or ‘mature’ banks refers to those aged 50+.

Censuswide is an international market research consultancy headquartered in London. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.

About Mitek

Mitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek’s advanced identity verification technologies and global platform make digital access faster and more secure than ever, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey. Trusted by 99% of U.S. banks for mobile check deposits and 7,900 of the world’s largest organizations, Mitek helps companies reduce risk and meet regulatory requirements.

Learn more at www.miteksystems.com. Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.

____________

1 Combining answer options “A great deal” and “Somewhat”.

2 Combining answer options “During customer onboarding” and “During customer onboarding and after onboarding”.

Contacts

More News

View More
Datavault AI: The New AI Contender Backed by Big Funding
Via MarketBeat
Topics Artificial Intelligence
Tickers DVLT IBM SCLX
CoreWeave: Why the New King of AI Infrastructure Has Room to Run
Via MarketBeat
Topics Artificial Intelligence
Tickers CORZ CRWV META NVDA
Top 3 Dividend Achievers for October: High Yields, Growth Ahead
Via MarketBeat
Topics Artificial Intelligence World Trade
Tickers FDX PFE UPS VZ
Etsy Partners With OpenAI—What It Means for Investors Now
Via MarketBeat
Topics Artificial Intelligence
Tickers ETSY
3 Solid Consumer Brands Offering Stability in Volatile Markets
Via MarketBeat
Topics Economy
Tickers AOUT JAKK KO PG SN
Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.