XTN Cognitive Security has been mentioned in the Aite-Novarica Group’s report Trends in Fraud in the Digital Channel: Fraud Inc. Pivoting to Scams as:
• 𝗕𝗲𝗵𝗮𝘃𝗶𝗼𝗿𝗮𝗹 𝗕𝗶𝗼𝗺𝗲𝘁𝗿𝗶𝗰𝘀 key vendor
• 𝗗𝗲𝘃𝗶𝗰𝗲 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 key vendor
• 𝗠𝗮𝗹𝘄𝗮𝗿𝗲 𝗗𝗲𝘁𝗲𝗰𝘁𝗶𝗼𝗻 key vendor
• 𝗥𝗶𝘀𝗸 𝗘𝗻𝗴𝗶𝗻𝗲 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺𝘀 key vendor
As the pandemic disrupted nearly all aspects of commercial and social activity, significant numbers of consumer and commercial customers accelerated their migration to the digital channel. These disruptions and several other drivers led to shifts in digital fraud patterns—patterns suggesting that the fraudsters are now poised to expand their efforts to target consumer and commercial customers directly through account takeovers and, increasingly, scams.
This report examines trends in the growth of account takeover and scams, the drivers behind them, and trends in how fraud executives are balancing loss mitigation, client experience, regulatory compliance, and operating efficiency. The report is informed by interviews with 18 North American fraud executives from 17 banks and one credit union between August and October 2021. A survey of 32 North American fraud executives who attended Aite-Novarica Group’s 2021 Financial Crime Forum in September 2021 provides additional insights.