Banking Sector on Alert as AI-Driven Fraud Grows
Cyber risks are intensifying across the financial services industry as institutions expand digital platforms and integrate advanced technologies. A new study points to the growing scale of the problem, particularly for fintech companies operating in rapidly evolving digital environments. Findings from the Fortinet Report on Cybersecurity for the Banking Sector in Africa and the Middle East 2026 illustrate the pressure facing banks and financial technology firms across the region. The report points to a dramatic increase in fraud schemes powered by AI, with such activity surging by about 1,300%. As mobile banking and digital payment platforms expand, institutions are facing more attempts involving identity impersonation, fabricated…