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Bankjoy partners with Fraud.net to enhance fraud prevention capabilities

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Bankjoy has partnered with Fraud.net, an end-to-end fraud management solution, to provide new real-time fraud prevention technology for financial enterprises.

The new fraud prevention technology is designed to help financial institutions fight against fraud and enhance customers’ digital banking experience.

Fraud.net will provide the banks and credit unions using Bankjoy’s digital banking platform with behavioural analytics, consortium data, and customisable alerts to help detect and prevent fraud in real-time.

The solutions will enable the banks and credit unions to actively prevent fraud, lower risks, and enhance account holders’ digital banking experience, said the digital banking provider.

Bankjoy CEO Michael Duncan 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.”

Fraud.net runs a unified risk management and revenue enhancement ecosystem for financial services and digital commerce enterprises worldwide.

Its cloud-based platform helps financial organisations prevent fraud, money laundering, and other financial crimes and simplifies customer onboarding and compliance workflows.

The platform, using a no-code or low-code architecture, offers natively integrated data and tools and custom AI models to help companies make safe, smart, and more profitable decisions.

Bankjoy’s real-time fraud prevention technology comes with advanced authentication and fraud detection features, which flags force login attempts, and sign-ins from unknown devices, locations and IP addresses.

The digital banking platform and its integrated fraud prevention technology will help financial institutions offer online and mobile banking services while protecting from financial fraud.

Earlier this year, Bankjoy partnered with California-based open finance provider Plaid, to provide Bankjoy customers with access to Plaid’s network of fintech apps and services.

Fraud.net founder and CEO Whitney Anderson 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.”

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