it right now, but we’re trying to find ways to use AI, but not to lose our personal touch that we have with our customers,” Wolfe says. Fraud prevention demands the most urgent technological investment. The bank recently upgraded its fraud detection software after seeing fraud attempts increase. “We’ve seen our industry experience a 300 percent increase in fraud over the last four years, and there doesn’t seem to be an end in sight,”Wolfe notes.“We have several hundred attempts every 24 hours to get into our system, but we don’t let any of them in,” Wolfe says. Nationwide, consumers reported fraud losses exceeding $10 billion in 2023, with check fraud, card fraud, and wire transfer fraud among the primary threats. Wolfe views the battle pragmatically. “That’s been going on since we transported gold on the stagecoach. There were people that pulled a mask up and they robbed stagecoaches to steal the gold that was being transferred from bank to bank. That’s no different today.” 133 BUSINESS VIEW MAGAZINE VOLUME 12, ISSUE 11 UNITED BANK & TRUST
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