Deepfakes, bots, and AI-powered scams are rising fast. Here’s how banks and credit unions can fight back with a digital banking platform that’s built for real-time protection.

October is Cybersecurity Awareness Month, and we’re spotlighting the latest fraud threats targeting the banking industry. In this blog series, we’ll explore how financial institutions can stay ahead with smarter technology, secure digital banking practices, and a layered approach to fraud prevention.

As Cybersecurity Awareness Month comes to a close, we’re wrapping up our blog series with a look behind the scenes: how the Alkami Platform stops fraud in real time, from the very first login to a suspicious transaction days or even weeks later.

Over the past month, we’ve covered some critical ground:

• Why modern banking security is a team sport
• How to navigate multi-channel account takeover attacks
• The rise of artificial intelligence (AI)-driven elder scams (and how to prevent them)
• And the importance of breaking down silos to build fusion teams in cybersecurity

If you missed any of those, be sure to check out the full series here.

Now, to close things out, we’re getting practical. Fraudsters are using smarter tools like deepfakes, bots, and AI-generated identities, and the only way to stay ahead is with smarter defenses. Let’s walk through how the Alkami Digital Banking Platform protects your institution at every touchpoint including before, during, and after the fraud attempt.

Fraud Is Getting Smarter (And We Should Too)

We’ve all seen how fast AI is changing the game and powering a new era of fraud. Take deepfakes, for example. Scammers now use AI to mimic real people’s voices and faces to manipulate account holders and staff, trick systems, and commit fraud. And it’s working.

According to Deloitte’s Center for Financial Services, AI-driven fraud is expected to hit $40 billion by 2027. That’s not a typo. What’s worse? It’s growing at 32% every year.

But here’s the scary part: while one in ten financial execs say they’ve been hit by a deepfake, more than half admit they’re not ready for it. That’s a major red flag.

It All Starts at the Front Door: Account Opening

The first chance to stop fraud is also the best one, before the account is even opened.

With our recent acquisition of MANTL, we’ve added a powerful account opening solution to our Platform. It’s designed to spot and block fraudsters at the gate, especially those using synthetic identities (fake personas built from real data).

How? Through advanced identity scoring and device/Internet Protocol (IP) intelligence. Our system looks for shady patterns, like multiple applications from the same IP address or irregular device behavior. Think of it like airport security, but smarter. Our system doesn’t just check your ID; it looks at your travel habits, your behavior, and the small inconsistencies that signal something’s off, spotting red flags before you even reach the gate.

Once They’re In, the Work Isn’t Over

Stopping fraud at the beginning is huge. But what happens next matters just as much. Because here’s the thing: a fraudster who gets in doesn’t just sit there. They interact, they call customer service, they move money, and they’re getting better at hiding in plain sight.

That’s where Digital ID comes in. It’s a simple, smart way to verify users during support calls using our mobile application (app). So when someone calls your contact center, your team can confirm it’s really them and not a deepfake voice or a clever recording. This protects your members or customers and your employees. Deepfakes are making social engineering easier than ever. Digital ID is part of your frontline defense.

Behavior Speaks Louder Than Words

Even if a fraudster gets past the first few checks, their behavior usually gives them away. That’s where behavioral biometrics step in.

See how Unitus Community Credit Union is leveraging behavioral biometrics from BioCatch and Alkami to shift from reactive investigations to proactive fraud prevention, saving $160K in just 60 days, even before full deployment.

Instead of relying on passwords or challenge questions, we analyze how users naturally navigate the app. Do they scroll like they normally do? Do they pause in the right places? Are their clicks natural?

If something feels off, like a bot is trying to mimic a human, the system notices and flags it. It’s like recognizing someone by their walk, not just their face.

Watching the Money Move

Fraudsters don’t break into an account to admire the interface, they move money. Fast.

Our Digital Banking Platform uses transaction anomaly detection to watch for unusual behavior. If someone suddenly sends large sums to a brand-new account, or makes transfers at 3 a.m. when they usually bank at noon, the system picks that up. From there, it can trigger multi-factor authentication (MFA), pause the transaction, or block it entirely. All in real time.

Learn how Arkansas Federal Credit Union quickly implemented a member-to-member transfer rule with AppGate to strategically counteract coordinated attacks.

Extra Muscle for Business Accounts

Fraud hits businesses hard, too, especially with checks and automated clearing house (ACH) payments.

Hear from Salem Five Bank about how many business clients don’t think about fraud until they’ve had a problem and why the bank turned to Alkami’s Check Positive Pay solution to stay ahead of fraud.

We offer Positive Pay services for both, helping commercial clients catch altered or unauthorized payments before they clear. It’s simple, but effective. When it comes to business fraud, fast action is everything.

Wrapping It Up: A Smarter Way to Stay Secure

Fraud isn’t slowing down. It’s adapting, evolving, and using the same AI tools we rely on for convenience and speed.

At Alkami, we build a full Platform that’s ready for what’s next. A Platform that understands your users, spots the patterns, and acts in real time. From login to lockdown, we’ve got your back.

Cybersecurity Awareness Month may be wrapping up, but the fight against fraud is just getting started. Let’s make sure your financial institution is ready.