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Retail Banking SolutionsBusiness Banking SolutionsData & Marketing SolutionsPositive Pay & ACH ReportingWho We ServeResourcesCompanyStrengthen the security of digital banking solutions with a layered approach to fraud detection and prevention.
In an era marked by increasing security risks and tech-savvy fraudsters, prioritizing security is not an option; it’s imperative for financial institutions to protect yourselves and your account holders, meet regulatory compliance, and maintain trust. With $43 billion of total identity fraud losses and $11 billion of total losses attributed to account takeover fraud in the U.S., you have a fiduciary responsibility to proactively mitigate and manage risk for your account holders.
By embracing a layered approach to fraud and security, financial institutions can proactively provide account holders with a digital banking experience that is built to defend against credential stuffing, account takeover, bots and remote access trojans, stolen account credentials, phishing and more.
*Source Javelin
To help FIs execute a holistic security and fraud protection strategy with their digital banking platform, Alkami has identified opportunities for you to prevent both existing and emerging threats:
How does your FI balance authentication criteria and user experience? It’s critical for banks and credit unions to customize multi-factor authentication to balance your risk appetite with a seamless authentication experience.
How is your FI determining if new account applications are genuine or fraudulent? Explore fraud detection technology that evaluates application fluency, data familiarity, user patterns, bot activity and more. Leverage Non-Documentary Customer Identification methods for data-driven identity verification.
Do your business account holders have a way to grant permission and limits? If not, your business users may be sharing their credentials with accountants, employees, or others for visibility to important financial information. This is a major security concern that can easily be alleviated with business managed sub user administration.
How does your FI protect users from account takeover (ATO)? ATO attacks continue to plague digital banking despite existing authentication processes. Build a comprehensive account takeover prevention strategy that balances risk mitigation and user experience.
Did you know that 65% of organizations were victims of attempted or actual payments fraud activity in 2022? Through education and payment fraud prevention technology like Check and ACH Positive Pay, your FI can proactively combat fraudsters as new payment method vulnerabilities evolve.
To your users, a digital vault is an online safe deposit box inside the digital banking platform where they can store sensitive documents with their trusted FI. For your FI, it’s a multi-user workspace designed to securely collect, protect and exchange documents with consumers and businesses in any banking process.
Watch now to understand how you can apply behavioral biometrics to detect high risk events and proactively defend against digital risk and tech-savvy fraudsters.
38% of financial services organizations believe today’s fraud landscape evolves too quickly to keep pace. Tune in to hear what secure banking looks like.
*Source Appgate.com
Attract and convert new and existing retail and business account holders.
Generate significant ROI while reducing fraud for both your organization and business account holders.
A holistic security & fraud protection strategy to defend against both existing and emerging threats.
Deliver targeted offers for loan products that drive revenue based on credit score data.
Continuously analyze a vast realm of digital activity including how the user moves their mouse, types, and swipes to generate powerful behavioral insights, prevent more fraud, and increase trust.
Authenticate users via hard or soft tokens for only one login session or transaction to strengthen endpoint security.
Provides categorized and simplified transaction data to improve the user journey, simplify digital interactions and reduce call center and fraud costs.
Streamline dispute processing from claim intake through final resolution. Enable account holders to initiate dispute claims through FINBOA’s platform within Alkami’s online or mobile banking experience.
Collect, protect and exchange sensitive documents with users in a secure, digital vault.
