Shaping the Future of Digital Banking Security

The financial sector is undergoing a profound transformation, fueled by accelerated digital banking adoption and a sharp rise in cyber threats. With global fraud levels escalating at an unprecedented pace, cybersecurity has become a top priority for financial institutions worldwide. In 2023 alone, banks faced approximately $485.6 billion in fraud-related losses, with payment fraud accounting for $190 billion. At the same time, cybercrime costs are projected to exceed $10.5 trillion annually by 2025. The scale and frequency of such incidents and the astounding projections highlight the need for advanced security solutions like Wultra’s. 

New regulatory frameworks are paving the way for safer digital ecosystems while driving demand for security solutions. Regulations such as PSD3/PSR1, NIS2, and DORA aim to protect retail customers from fraud, ensure broader financial inclusion, and establish stricter compliance with cybersecurity standards. For financial institutions, these regulations are no longer optional—they are essential for building operational resilience and maintaining trust in an increasingly digital world.

At the same time, financial institutions face a two-fold challenge: protecting customers from increasingly sophisticated cyberattacks while ensuring seamless user experiences. This is where Wultra’s solutions come into play—bridging the gap between security and convenience in a rapidly changing
environment.

Fraud attempts and security breaches are no longer isolated incidents. Attacks such as phishing and credential stuffing are becoming increasingly sophisticated, exploiting outdated authentication methods like SMS OTPs. Financial institutions need advanced authentication solutions to maintain customer trust and prevent unauthorized access without disrupting user experiences.

Authentication serves as one of the first lines of defense against modern fraud and cybersecurity threats. It prevents unauthorized access and reduces the risk of data breaches, financial fraud, and identity theft, all while ensuring the security and privacy of customers' data.

Wultra specializes in delivering authentication and in-app protection solutions designed to safeguard digital banking experiences. While leveraging complex, cutting-edge cryptography, Wultra ensures that security does not come at the expense of convenience.

Wultra’s offerings combine robust security with exceptional usability, enabling financial institutions to protect users while delivering seamless experiences: 

• Regulatory Compliance: Solutions meet PSD2, PSD3/PSR1, and strong customer authentication (SCA) requirements.       
• Developer-Friendly Tools: Modular SDKs and APIs allow institutions to
  deploy solutions in weeks, not months.     
• Future-Proof Security: Proactive investments in quantum-resistant cryptography ensure Wultra stays ahead of evolving threats.
• Wultra’s scalable, cost-effective solutions address the most urgent market needs, helping banks and fintechs stay ahead of fraud without compromising user experience.

The “User authentication” is a process that provides credence in an identity claim for a person already known to an organization. This credence in a claimed identity is achieved by evaluating one or more of the different kinds of user credentials. If multiple credential proofs from different categories are presented in the same time, the authentication is called “multi-factor” (MFA).

User authentication contrasts with “identity verification”, which uniquely provides credence in the claimed identities of people unknown to the organization at a given moment (for example, to support customer onboarding or access recovery), and which is typically achieved via identity document capture and selfie verification.

From multi-factor authentication to advanced biometric verification, Wultra provides complete solution to meet challenges in digital identity for modern banking. 

At the heart of Wultra’s innovation is advanced cryptography, ensuring sensitive data remains secure in an evolving threat landscape. However, with the rise of quantum computing, traditional encryption methods face new risks. Wultra is proactively preparing for this future by developing quantum-resistant authentication capabilities, set to launch in 2025. This positions
Wultra as a leader in future-proof authentication solutions for financial institutions.

By investing in Wultra, we are not just backing a technology provider; we are supporting a vision for secure, frictionless, and resilient digital banking. Wultra’s innovative cryptographic solutions align with the trends such as growing cyber threats, regulatory momentum and post-quantum cryptography, shaping tomorrow’s financial ecosystem.

In a world where trust is the most valuable currency, Wultra empowers financial institutions to innovate securely and confidently. By supporting Wultra, we are investing in a safer, more resilient financial ecosystem, built for the challenges of today and the opportunities of tomorrow.

Check out Wultra now: www.wultra.com