#United States #Plano #Alkami Technology #Fraud Prevention #BioCatch

Alkami's Revolutionary Approach to Fraud Prevention

In an era where financial fraud poses a significant threat to both institutions and consumers, Alkami Technology, Inc. has positioned itself at the forefront of combating these risks. Partnering with BioCatch, a leader in behavioral biometrics, Alkami has successfully leveraged innovative technology to prevent over $54 million in fraudulent transactions throughout 2024. This advancement is part of a larger strategy to enhance security measures for digital banking clients, including Gate City Bank.

The Growing Challenge of Financial Fraud

Financial services face a continuous uphill battle against fraudsters who deploy increasingly sophisticated methods to access sensitive information. Cybercriminals use tactics like phishing, social engineering, and employing stolen credentials to illegally attain access to consumers’ financial accounts. In response to this evolving threat landscape, Alkami has developed a comprehensive, multi-layered approach to security, with BioCatch playing a pivotal role in enhancing their defenses.

According to Brad Cranford, Alkami's Director of Product Management, the company’s partnership with BioCatch is integral to identifying and mitigating these risks effectively. Their approach allows for seamless integration within the user experience, minimizing disruptions while maximizing protection. By utilizing BioCatch’s Account Takeover Protection system, institutions can secure user accounts without imposing additional friction during banking activities.

Real-Time Fraud Detection

The partnership between Alkami and BioCatch results in a proactive, behavior-based approach to fraud detection. BioCatch specializes in recognizing unique behavioral patterns of users, analyzing more than 3,000 data points collected during online banking sessions. This data includes mouse movements, typing speed, and interaction styles which are leveraged to differentiate between legitimate users and potential fraudsters.

For instance, when someone exhibits atypical behavior during a banking session, such as utilizing keyboard shortcuts that deviate from the norm, the system alerts financial institutions to potential fraudulent activity. Jay Whoriskey, North America Director at BioCatch, stated, “Our collaboration with Alkami provides a robust framework for detecting fraud in real time, effectively preventing potential losses.”

Success Stories from Gate City Bank

A crucial success story has emerged from Gate City Bank, one of Alkami's prominent clients. Jessica Ebeling, the bank's Executive Vice President, affirmed that the adoption of BioCatch technology has been transformative. She remarked, “The results were immediate. BioCatch has continuously learned and adapted to customer behavior while protecting their identities and providing a smooth experience.” The collaboration showcases how advanced technology solutions can facilitate customer trust and security, pivotal in today’s digital banking environment.

Looking Ahead

With the digital landscape continuously evolving, the need for innovative and effective fraud prevention solutions cannot be overstated. Alkami stands firm in its commitment to enhancing client security and establishing robust defenses against financial fraud. The strategic partnership with BioCatch is just one of many steps this forward-thinking company is taking to ensure that financial institutions and their customers are safeguarded against the growing threat of cybercrime.

As more financial institutions recognize the importance of sophisticated fraud detection methods, partnerships like that of Alkami and BioCatch will likely become standard practice. With millions on the line, it is essential for financial service providers to invest in technologies that empower them to combat fraud effectively. Alkami's digital banking platform, bolstered by BioCatch, not only highlights the importance of addressing security challenges but also emphasizes building lasting connections and trust with users in the ever-evolving financial landscape.

To explore more about Alkami's Digital Banking Platform and its comprehensive security features, visit Alkami's official website.