Through this collaboration, Bankjoy is set to offer real-time fraud prevention tech designed to help FIs combat fraud and keep account holders secure throughout the digital banking experience. Fraud.net enables banks and credit unions that leverage Bankjoy’s end-to-end digital banking platform to detect and prevent fraud in real-time with behavioural analytics, consortium data, and customisable alerts and actions, among others. Together, these solutions help banks and credit unions proactively stop fraud, decrease risks, and address account holders’ expectations for a modern digital banking experience.
Per the information detailed in the press release, Bankjoy’s real-time fraud prevention tech features advanced authentication and fraud detection measures that flag brute-force login attempts and sign-ins from unknown devices, locations, and IP addresses. Bankjoy’s digital banking platform and its integrated fraud prevention tech enable FIs to provide their account holders with a frictionless online and mobile banking experience while simultaneously protecting the institutions from the financial and reputational risk of fraud. Several Bankjoy existing clients have already signed up to use the new real-time fraud prevention technology.
When commenting on the launch context, Fraud.net officials advised that as per a McKinsey & Company analysis, operating income for FIs has decreased by over 10% since 2009. In contrast, regulatory fines have seen an approximately 45x increase. This showcases that having strong security and compliance in place has increased importance, and the partnership with Bankjoy is believed to bring forth value for the financial services industry, as together, they can empower banks and credit unions alike to offer an advanced digital experience while mitigating fraud and lost revenue risk.
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