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FRAUD PREVENTION

How to reduce digital banking fraud

Strengthen the security of digital banking solutions with a layered approach to fraud detection and prevention.

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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. 

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:

Authenticating Users Seamlessly
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.
Mitigating Digital Account Opening Fraud
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.
Setting User Permissions & Limits
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.
Detecting Account Takeover Attempts
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.
Preventing Payments Fraud
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.
Digital File Exchange & Secure Storage
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.
Dispute Management
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.
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Check Positive Pay - Detect fraudulent checks
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FINBOA Dispute Management
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. 

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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.

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ACH Positive Pay

Helps business users stop incoming unauthorized ACH transactions and eliminate the need for your FI to maintain legacy, labor-intensive systems which can be prone to human error.

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Check Positive Pay

Gain operational efficiencies with a complete front-end and back-end exception identification engine for standard, payee, and reverse Positive Pay.

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Digital Account Opening

Maintain compliance and prevent fraud during account origination by performing OFAC & MLA checks, verifying device details, and leveraging secure document uploads.

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Digital ID

Authenticate users via push notifications to their mobile app – expediting non-digital transactions, decreasing call center volume, and increasing digital engagement, loyalty, and account holder satisfaction.

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FRAUD PREVENTION

Secure your digital banking experience with help from Alkami

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Alkami Technology Plano Texas
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