The game-changing collaboration hopes to to bolster financial institutions’ capabilities in combatting fraud and ensuring the safety of account holders in the dynamic landscape of digital banking.
Through the integration of Fraud.net’s expertise, banks and credit unions utilizing Bankjoy’s end-to-end digital banking platform will harness the power of behavioral analytics, consortium data, customisable alerts, and proactive actions to detect and prevent fraud in real time. These combined solutions empower financial institutions to be one step ahead, proactively thwarting fraud attempts, reducing risks, and exceeding account holders’ expectations for a seamless modern digital banking experience.
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 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. 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, said, “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. 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.”
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