Prioritize Layered Security

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

Prevention is the Best Protection

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.

With 82% of Americans leveraging digital payments and 65% of organizations impacted by payment fraud, FIs may struggle to grow by relying on outdated, manual systems to process disputes. Without automation to digitize and modernize the management of payment disputes, banks and credit unions face the challenges of non-compliance audit risk, staff training, increasing write-offs/losses, and a negative user experience.

Sophisticated & Evolving Account Takeover Fraud Tactics

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.

Are You Staying Ahead of the Evolving Threat Landscape

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

Tune in

ACH Positive Pay

Tap into data insights to uncover users who would benefit from personalized offers, direct deposit, and RDC.

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Digital Account Opening

Attract and convert new and existing retail and business account holders.

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Digital ID

Tap into data insights to uncover users who would benefit from personalized offers, direct deposit, and RDC.

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Positive Pay

Generate significant ROI while reducing fraud for both your organization and business account holders.

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Appgate

A holistic security & fraud protection strategy to defend against both existing and emerging threats.

array

Deliver targeted offers for loan products that drive revenue based on credit score data.

BioCatch

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.

ENTRUST

Authenticate users via hard or soft tokens for only one login session or transaction to strengthen endpoint security.

Yodlee

Provides categorized and simplified transaction data to improve the user journey, simplify digital interactions and reduce call center and fraud costs.

FINBOA

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.

VIRTUAL StrongBox

Collect, protect and exchange sensitive documents with users in a secure, digital vault.

How to reduce digital banking fraud

Prioritize Layered Security

Prevention is the Best Protection

Sophisticated & Evolving Account Takeover Fraud Tactics

Are You Staying Ahead of the Evolving Threat Landscape

Alkami Partners

Appgate

array

BioCatch

ENTRUST

Yodlee

FINBOA

VIRTUAL StrongBox

Fraud Prevention

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