As far back as 2018, the World Economic Forum claimed that fraud and financial crime was a trillion-dollar industry, and reported that private entities spent around $8.2 billion on anti-money laundering solutions the year before. Today, cyber fraud cases are growing in number and frequency, and are becoming more expensive. It’s widely understood that for every dollar of fraud, institutions lose almost $3, once the associated costs are factored in.

The increased integration of financial systems within nations and across the globe is adding to the problem, as is the slew of new threats, and a growth in transaction volumes that is putting financial institutions under pressure. At the same time, regulations are growing increasingly stringent, with massive fines being levied against organisations that fall foul of the regulator and endanger customer data.