Financial institutions will spend over $66.2 billion on banking fraud prevention globally by 2031 – study
A new study by global tech strategists Juniper Research anticipates that financial institutions will spend over $66.2 billion on banking fraud prevention globally by 2031. This represents an increase of 83% on the $36.2 billion forecast for this year; in part being driven by banks investing in intelligence sharing to identify interconnected fraud.
The report cited criminal networks exploiting gaps between banks, payment providers, and digital platforms as making fraudulent identities and money mule accounts harder to identify. In response, fraud prevention vendors are expanding their data sources and partnerships, including with telecommunication operators, to incorporate mobile network intelligence alongside payment, identity and behavioural signals.
Mule Networks
“Banks may understand the risks associated with their own customers, but often lack visibility of the beneficiary receiving the payment. Sharing accurate and up-to-date intelligence across institutions will therefore be essential to identifying mule networks earlier and preventing fraudulent funds from moving further through the financial system,” noted report author Shane O’Sullivan.
Shared Fraud Intelligence Reshaping Banking Fraud Prevention
The report highlights collaboration as being key to strengthening fraud prevention beyond individual institutions. For example, in July 2026, UK fraud prevention organisation Cifas partnered with the Global Signal Exchange; connecting intelligence across banking, telecommunications, retail, and technology platforms.
Juniper Research recommends combining network intelligence with behavioural, identity and payment data to improve detection. Providers offering visibility across financial institutions will be better positioned as banks seek to identify fraudulent beneficiaries earlier and strengthen payment decisions.
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An extract from Banking Fraud Prevention Market 2026-2031, is now available as a free whitepaper download.
