Identity and Access Management in the Financial Sector: Preventing Fraud and Securing Transactions in the Digital Era Enterprise Security
Vasu Sunil Kumar Grandhi · Technix International Journal for Engineering Research · 2025
Identity and Access Management (IAM) has emerged as a cornerstone of security strategy within the financial sector, where institutions face the dual challenge of protecting sensitive customer data while delivering seamless digital experiences. This article examines how banks and fintech companies leverage sophisticated IAM frameworks to mitigate fraud risks and secure digital transactions. From advanced identity proofing methodologies to real-time transaction monitoring systems, financial organizations are deploying multi-layered security approaches that adapt to evolving threat landscapes. The integration of biometric verification, behavioral analytics, and machine learning algorithms enables more nuanced risk assessment while minimizing customer friction. As regulatory requirements intensify globally, financial institutions must balance robust security controls with operational efficiency and positive customer experiences, all while staying ahead of increasingly sophisticated fraud techniques targeting digital banking channels.