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Phishing attacks are targeting every industry; however, financial institutions are dealing with more than their share. In 2023, according to PYMTS.com, fraud-related costs surged to $3.8 million for financial institutions with assets exceeding $5 billion, indicating a 65% increase from the previous year. Forty-seven percent of financial institutions reported account takeover fraud (ATO) in the past year, while phishing attacks continue to target 73% of banking customers, leading to further security breaches.
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