# FDIC 2024 Risk Review: 2024 Risk Review — Section 5: Operational and Cyber Risks

Source: https://www.bankingnewsai.com/ai-regulation/documents/fdic-risk-review-2024
Last updated: Aug 26, 2026

The FDIC's 2024 Risk Review, published May 22, 2024, is the agency's most explicit published treatment of AI as a bank risk. Its operational and cyber risk section states that 'adoption of quantum computing and generative artificial intelligence can pose new risks to critical infrastructure systems' and that generative AI is being used to circumvent identity- and authentication-based controls — via deepfakes, voice cloning, and forged documents that make it harder to distinguish real from fake identities during verification — while check fraud continued to rise even as check use declined. The 2025 and 2026 Risk Reviews dropped the operational-risk section and do not discuss AI.

## At a glance

| Field | Value |
| --- | --- |
| Authority | [FDIC](https://www.bankingnewsai.com/ai-regulation/fdic) |
| Type | Report |
| Status | Final |
| Published | May 22, 2024 |
| Applies to | Informational; describes risks across all FDIC-insured institutions |
| Official text | https://www.fdic.gov/analysis/2024-risk-review |

## Key points

- Published May 22, 2024; Section 5 covers operational and cyber risks for 2023.
- Generative AI named as a new risk to critical infrastructure systems alongside quantum computing.
- Generative AI used to bypass identity- and authentication-based network controls and to create fraudulent or altered documents, audio, and video.
- Deepfakes and voice cloning make it harder for banks to discern real versus fake identities during verification.
- Check fraud continued to rise despite declining check usage, with mail-theft schemes flagged by FinCEN.
- Cybersecurity cited as an 'extremely' or 'very' important risk by nearly 92 percent of community banks in the 2023 CSBS survey.

## What changed for banks

It put AI-enabled fraud and synthetic identity on the FDIC's official risk map, giving examiners and banks a citable basis for strengthening account-opening and transaction-verification controls; the same language reappears in the FDIC's July 2025 cybersecurity report to Congress.

## Use cases it governs

- [Fraud detection](https://www.bankingnewsai.com/ai-regulation/by-use-case#fraud)
- [Cybersecurity](https://www.bankingnewsai.com/ai-regulation/by-use-case#cybersecurity)
- [Generative & agentic AI](https://www.bankingnewsai.com/ai-regulation/by-use-case#generative-agentic-ai)

## FAQ

### Does the FDIC Risk Review discuss AI?

The 2024 edition does, in its operational and cyber risk section, framing generative AI as a fraud and authentication threat. The 2025 (June 6, 2025) and 2026 (April 22, 2026) editions cover funding, interest-rate, and credit risk only and do not discuss AI.

### What AI fraud risks does the FDIC highlight?

Deepfake video, voice cloning, forged documents, and synthetic identities used to defeat identity verification and authentication at account opening and during transactions.

## Related documents

- [Hill House oversight testimony (Jun 2026)](https://www.bankingnewsai.com/ai-regulation/documents/fdic-testimony-oversight-prudential-regulators-2026) — Statement of Chairman Travis Hill: Oversight of Prudential Regulators (Jun 4, 2026)
- [FDIC FIL-15-2026](https://www.bankingnewsai.com/ai-regulation/documents/fdic-fil-15-2026) — Agencies Revise the Interagency Model Risk Management Guidance (Apr 17, 2026)
- [FDIC House testimony on AI and innovation (Mar 2026)](https://www.bankingnewsai.com/ai-regulation/documents/fdic-testimony-innovation-speed-of-markets-2026) — Innovation at the Speed of Markets: How Regulators Keep Pace with Technology (Mar 26, 2026)
- [FDIC 2025 Report on Cybersecurity and Resilience](https://www.bankingnewsai.com/ai-regulation/documents/fdic-cybersecurity-resilience-report-2025) — 2025 Report on Cybersecurity and Resilience (Jul 14, 2025)
- [Hill 'Charting a New Course' speech](https://www.bankingnewsai.com/ai-regulation/documents/fdic-charting-new-course-speech-2025) — Charting a New Course: Preliminary Thoughts on FDIC Policy Issues (Jan 10, 2025)
- [FDIC FIL-29-2023](https://www.bankingnewsai.com/ai-regulation/documents/fdic-fil-29-2023) — Interagency Guidance on Third-Party Relationships: Risk Management (Jun 6, 2023)
- [FDIC FIL-27-2021](https://www.bankingnewsai.com/ai-regulation/documents/fdic-fil-27-2021) — Interagency Statement on Model Risk Management for Bank Systems Supporting BSA/AML and OFAC Compliance (Apr 9, 2021)
- [FDIC FIL-20-2021](https://www.bankingnewsai.com/ai-regulation/documents/fdic-fil-20-2021) — Request for Information and Comment on Financial Institutions' Use of Artificial Intelligence, Including Machine Learning (Mar 29, 2021)

Last reviewed Aug 26, 2026. Cite the official text (https://www.fdic.gov/analysis/2024-risk-review) for the rule and this page for the summary and dates.

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