Digital banking provider Bankjoy has announced its partnership with Fraud.net. Fraid.net is the first end-to-end fraud management solution specifically built for digital enterprises and fintechs globally.
Through the partnership, Bankjoy will offer new real-time fraud prevention technology designed to help financial institutions combat fraud and keep account holders secure throughout the digital banking experience. With Fraud.net, banks and credit unions using Bankjoy’s end-to-end digital banking platform can detect and prevent fraud in real-time with behavioural analytics, consortium data, customisable alerts and actions, and more. Together, these solutions enable banks and credit unions to proactively stop fraud and decrease risks.
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Bankjoy looking to battle rising fraud attempts
Bankjoy’s real-time fraud prevention technology also features advanced authentication and fraud detection measures that flag brute force login attempts, as well as sign-ins from unknown devices, locations and IP addresses. With Bankjoy’s digital banking platform and its integrated fraud prevention technology, financial institutions can offer a frictionless online and mobile banking experience for their account holders while protecting their institutions from the financial and reputational risk of fraud. Several of Bankjoy’s existing clients have already signed up to use its new real-time fraud prevention technology.
Whitney Anderson, founder and CEO of Fraud.net, said: “According to an analysis by McKinsey & Company, operating income for financial institutions has decreased by more than 10% since 2009 while regulatory fines have increased by nearly 45 timrs. This means having strong security and compliance measures in place is more important than ever, which is why our partnership with Bankjoy is so valuable for the financial services industry. Together, we can empower banks and credit unions to deliver a superior digital experience while mitigating the risk of fraud and lost revenue.”
Michael Duncan, CEO of Bankjoy, commented: “Digital fraud is on the rise. Last year, digital fraud attempts in the US rose 122%, according to TransUnion data and we expect this trend to continue as more consumers transact using digital channels, such as their mobile banking app. Preventing fraud in real time is crucial in today’s fast-paced, digital-first world. Not only are we helping our clients elevate the digital experience for their account holders, but we’re also elevating their fraud prevention measures, keeping both the institution and their account holders secure.
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