Royal Oak-based Bankjoy, a digital banking provider, has partnered with New York-based Fraud.net, to provide the first end-to-end fraud management system specifically built for digital enterprises and fintechs globally.
Through the arrangement, 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 behavioral analytics, consortium data, customizable alerts and actions, and more. Together, these solutions allow banks and credit unions to actively stop fraud, decrease risks, and exceed account holders’ expectations for a modern digital banking experience, the companies state.
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 now can offer a frictionless online and mobile banking experience for account holders while protecting 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.
According to an analysis by McKinsey & Co., operating income for financial institutions has decreased by more than 10 percent since 2009 while regulatory fines have increased by nearly 45 times.
“Digital fraud is on the rise,” says Michael Duncan, CEO of Bankjoy. “Last year, digital fraud attempts in the U.S. rose 122 percent, 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, we’re also elevating their fraud prevention measures, keeping both the institution and their account holders secure.”
To learn more, visit bankjoy.com/.