Bankjoy, a leading digital banking provider announced its partnership with Fraud.net, 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 behavioral analytics, consortium data, customizable alerts and actions, and more. Together, these solutions enable banks and credit unions to proactively stop fraud, decrease risks, and exceed account holders’ expectations for a modern digital banking experience.
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 institution 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 & Company, operating income for financial institutions has decreased by more than 10% since 2009 while regulatory fines have increased by nearly 45X. 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,” said Whitney Anderson, founder and CEO of Fraud.net. “Together, we can empower banks and credit unions to deliver a superior digital experience while mitigating the risk of fraud and lost revenue.”
“Digital fraud is on the rise. Last year, digital fraud attempts in the U.S. 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,” said Michael Duncan, CEO of Bankjoy. “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.”
