Eight major financial services companies have implemented new systems and regulatory measures in 2025 to combat fraud and unauthorized withdrawals, representing a significant shift in the industry’s approach to security and compliance. The development follows a series of high-profile security breaches and evolving fraud tactics that have challenged traditional banking security measures.
Visa has launched its Visa Acquirer Monitoring Program (VAMP), consolidating multiple fraud and chargeback monitoring programs into a unified system. The program, which began April 1, 2025, implements stricter risk thresholds and requires acquirers to monitor merchants more closely, with particular focus on high-risk industries including cryptocurrency and luxury goods. The initiative builds upon Visa’s previous fraud detection partnerships and technological investments.
In Arizona, new legislation targeting cryptocurrency ATM scams took effect September 26, 2025. The law establishes daily transaction limits of $2,000 for new customers and $10,500 for existing customers, requires warning signs on ATMs, and mandates operators to refund fraud victims within 30 days. The legislation responds to $177 million in cryptocurrency fraud losses reported in 2024, reflecting similar concerns that led to regulatory changes in other jurisdictions.
Banks have enhanced their real-time payment fraud prevention systems in response to account takeover fraud, which resulted in $15.6 billion in U.S. losses in 2024. New security measures include multi-factor authentication, behavioral biometrics, device fingerprinting, and AI-powered anomaly detection systems. The technologies analyze patterns in user behavior, device characteristics, and transaction data to identify potential fraud attempts in real-time.
Financial institutions are also addressing Authorized Push Payment (APP) fraud through recipient verification and cross-industry collaboration. Deloitte projects APP fraud losses in the U.S. could reach $15 billion by 2028. International initiatives like Australia’s SMS Sender ID Registry and the UK’s Stop Scams Unit demonstrate coordinated approaches to fraud prevention, building on successful implementations in other markets.
To combat money mule operations, financial companies have implemented enhanced Know Your Customer (KYC) and Customer Due Diligence (CDD) processes. The measures include facial recognition, device profiling, geolocation, and AI-powered fraud network detection to identify suspicious accounts before onboarding. These improvements represent significant advances in digital identity verification technology.
The New York Department of Financial Services has issued guidance allowing state-chartered banks to receive Community Reinvestment Act credit for lending to Community Development Financial Institutions, supporting financial inclusion while addressing fraud risks.
Ohio’s Attorney General’s office has implemented consumer protection measures, promoting the use of unique passwords and two-factor authentication while warning against remote access scams and impersonation attempts. The program supports broader national efforts to enhance digital security awareness.
Industry data from the first half of 2025 revealed that banks and card issuers were targeted in 53.7 percent of nearly 7 million recorded fraud attempts nationwide, highlighting the ongoing need for robust security measures. The figures represent a significant increase from previous years and underscore the importance of continued investment in security infrastructure.
Sources: Nuvei, Consumer Financial Services Law Monitor, Sumsub, Feedzai, Deloitte Insights, Ohio Attorney General, ABES
