69% of Brits doubt their bank can spot identity fraud

More than two in three people in Britain (69%) worry that their bank would not recognize them in an attack designed to impersonate them, according to research by identity verification company Digidentity.

Four in five respondents expect banks to use AI deepfake detection during selfie-based identity checks. Meanwhile, 53% say one-time security codes sent by text are no longer sufficient, as some people favor video-based checks.

The research also found that 79% expect identity verification to become smoother over the next five years. However, 62% would tolerate no more than two additional minutes of checks.

Banks typically rely on third-party identity verification providers rather than running the systems themselves. Digidentity UK Country Manager Jonathan Evans said banks put their reputations behind the providers they choose, and that a provider letting an imposter through can damage the bank’s relationship with its customer.

The report comes after Bank of England Governor Andrew Bailey called for social media companies to take greater responsibility for tackling scams. It describes pressure on banks to verify legitimate activity and block attacks while keeping checks convenient and quick.