Fraud in Commercial Banking: Keeping Pace With Attacks and Evolving Expectations

The FBI estimates US$1.8 billion in business email compromise losses in 2020.

Boston, November 18, 2021 –As frightening as the FBI’s estimate may be,most financial institutions interviewed for this report believe that statistic to be understated. The growing sophistication of attackers shows no sign of abating. At the same time, the imperative of appropriate friction and minimizing false positives, driven by customer expectations, will only continue to increase. The challenges facing fraud executives in commercial banking will not get easier anytime soon. As such, many firms are seeking to reevaluate and enhance their control frameworks for their business clients.

This Impact Report looks at key trends driving loss mitigation strategies for commercial banking firms and how their defensive plans and control frameworks will evolve over the next one to two years. Between April and June 2021, Aite-Novarica Group interviewed fraud executives at 10 large North American FIs and two fintech firms focused on commercial banking. In addition, this report includes insights from a survey of fraud executives at 32 financial services firms conducted in September and October 2021.

This 24-page Impact Report contains nine figures and four tables. Clients of Aite-Novarica Group’s Fraud & AML service can download this report and the corresponding charts.

This report mentions Accelitas, Accertify, Acuant, Acxiom, Akamai, Apility, Arkose Labs, ArkOwl, Au10tix, AuthenticID, BlockPass, BehavioSec, BioCatch, Boku, Callsign, Cleafy, Daon, DataVisor, Deduce, Digital Shadows, Dunn & Bradstreet, Early Warning Services, Easy Solutions, Ekata, Entersekt, Entrust, Equifax, Experian, F5, Facebanx, Facepoint, FICO, Fourthline,, FraudHunt, GBG/IDology, GIACT (a Refinitiv company), IBM Trusteer, ID Insight,, iDenfy, IDology (a GBG company), IDMERIT, Incognia, Intellicheck, IPQualityScore, Ipsidy, Jumio, LexisNexis Risk Solutions, Kasada, Kofax, Mati, MaxMind, Melissa Data, MicroBilt, Mitek, Monapi, Neothone, Neuro-ID, Neustar, NuData Security, OneSpan, Oneytrust, Onfido, Outseer, Paycasso, PerimeterX, Pipl, Precognitive, ProofPoint, Prove, Radware, Revelock, RiskIQ, Samsung SDS, Sayari, SecuredTouch, Shufti Pro, Signal Sciences, Simility, Socure, SpyCloud, ThreatMark, TowerData, TransUnion, Trulioo, Trusona, TypingDNA, Veratad, Veridas, XTN Cognitive Security, Yoti, ZeroFox, ZignSec, and Zumigo.

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