Concept: American cloud-based digital solutions provider for banks and credit unions Alkami Technology announced that its domestic client, Abnb Federal Credit Union has launched the BioCatch Solution through the Alkami Platform. It employs fraud mitigation technology to safeguard its users against cybercrime and fraud attacks. The collaboration with Alkami enables financial institutions to protect their vulnerable clients while ensuring a better digital user experience.
Nature of Disruption: The BioCatch solution analyses mouse movements, typing cadence, and screen interaction to identify risk throughout the account lifecycle, beginning with account creation and continuing throughout each online session. BioCatch detects and alerts the financial institution to genuine or fraudulent behavior by using machine learning to generate a risk score. The technology ensures that account holders have a secure and seamless digital experience while lowering the risk to financial institutions. With the addition of BioCatch, ABNB will be able to better protect their users in real-time against threats such as account takeovers, mule account detection, social engineering scams, and fraudulent account opening.
Outlook: Security and fraud prevention are primary concerns for financial institutions across the country. The steady increase in ABNB users’ mobile and online banking usage over the last two years has resulted in a corresponding increase in fraudulent activities. BioCatch contends that no financial institution should be obligated to accept increased fraud risk to provide a premium customer experience, and noticed that the most advanced fraud attacks make no distinction based on size, stature, or location. So, ABNB can provide its members with a world-class online banking experience while protecting against the latest fraud attacks before funds are lost by leveraging machine learning and anti-fraud mitigation technology.
This article was originally published in Verdict.co.uk