January 26, 2022 – Bank fraud in Canada is on the rise; the rate of suspected digital fraud attempts against financial services companies increased 218% from the last four months of 2020 to the first four months of 2021. Banks are investing in siloed approaches to solve a shared problem that is best addressed by banks banding together to catch fraudsters.

This Impact Report offers a business case for Canadian banks to cooperate in combating financial fraud. It discusses the impact of fraud and offers research supporting the decision to share customer account and device information between banks to improve fraud detection. Aite-Novarica Group conducted a survey of fraud executives at 32 financial services firms in September and October 2021.

This 34-page Impact Report contains seven figures and five tables. Clients of Aite-Novarica Group’s Fraud & AML or Cybersecurity service can download this report and the corresponding charts.

This report mentions Australian Financial Crimes Exchange, Bank of America, Bank of Baroda, Bank of India, Bank of Montreal, Bank of Nova Scotia, Canadian Anti-Fraud Centre, Canadian Imperial Bank of Commerce, Canadian Securities Administration, Capital One, Charles Schwab, Cyber Defence Alliance, Department of Justice Canada and Office of the Privacy Commissioner, Desjardins Group, Duality Technologies, Dutch Data Protection Authority, Early Warning Services, Equifax, FICO, Fidelity Investments, Financial Transactions and Reports Analysis Centre of Canada, FS-ISAC, GOBankingRates, IBM, Intel, Investment Industry Regulatory Organization, JPMorgan Chase, LexisNexis, Mango Solutions, National Bank of Canada, Office of the Privacy Commissioner, Office of the Superintendent of Financial Institutions, Oracle, Parliament of Canada, Pew Research Center, PNC Bank, Royal Bank of Canada, Symcor, TD Bank, Toronto-Dominion Bank, TransUnion, Truist, USAA, U.S. Bank, Wells Fargo, and World Economic Forum.