Industry experts unveil strategies in webinar
to tackle emerging fraud threats as
real-time payments surge and check fraud remains a leading risk
PLANO,
Texas, Oct. 23, 2024 /PRNewswire/ -- Alkami
Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based
digital banking solutions provider for financial institutions
in the U.S., recently held its latest webinar, "Banking on
Security: Check & Real-Time Payments Fraud," aimed at helping financial institutions address
emerging fraud threats that are
increasingly impacting consumer and business accounts.
This webinar examined the rising risks of check fraud and real-time payments fraud, two areas where financial institutions are
experiencing significant challenges. A panel of experts from
Alkami, Alacriti, and ABNB Federal Credit Union shared real-world
examples and discussed actionable strategies to strengthen security
frameworks through proactive fraud
mitigation and a layered defense approach.
In addition to fraud strategies,
Dennis Irwin, chief compliance
officer at Alkami, emphasized the importance of a compliance
management system (CMS) in maintaining security and regulatory
compliance. "A compliance management system helps ensure we stay
compliant, mitigate fraud, and
enhance security. It's not just about preventing fraud but also maintaining a strong reputation and
minimizing financial risks," Irwin explained. Irwin further noted
that a well-structured CMS includes thorough third-party risk
management to ensure ongoing due diligence as well as continuous
monitoring throughout the vendor lifecycle.
Check fraud continues to be a
major concern, with 65% of organizations reporting fraud involving checks, making it the payment
method most prone to attacks. In parallel, fraudsters are
increasingly targeting faster payment rails, exploiting the speed
of transactions to commit fraud
before digital banking solutions can respond. With 82% of U.S.
consumers using platforms like Zelle, Venmo, and Cash App,
real-time payments are contributing to a new wave of fraud risks, further highlighting the need for
vigilant fraud management by
financial institutions.
Brad Cranford, director, product
management at Alkami, emphasized the urgency of these threats
noting, "Fraud, security, and
compliance in digital banking solutions are more critical than
ever, with bad actors constantly devising new ways to exploit
vulnerabilities. Financial institutions must stay ahead with
layered, proactive defense strategies to safeguard their customers
and members."
The rise of real-time payments presents both opportunities and
challenges for financial institutions. With real-time payments
projected to grow by 33% annually, reaching $277 billion by 2032, there are substantial
opportunities for enhancing payment offerings. However, this rapid
growth also introduces new fraud
risks. Mark Majeske, senior vice
president of faster payments at Alacriti highlighted this balance
explaining, "Instant payments offer incredible potential for
improving payment offerings, but they also introduce new challenges
in fraud management. This webinar is
essential for understanding how to integrate real-time payments
seamlessly while staying ahead of emerging fraud threats."
Cassandra Tucker, director of
operations at ABNB Federal Credit Union, spoke about how partnering
with Alkami and its extensive partner ecosystem has enhanced ABNB's
fraud defenses. "Working with Alkami
has helped us navigate the growing complexity of fraud risks by providing us with cutting-edge tools
to protect our members. Their expertise has been crucial in ABNB's
efforts to combat fraud, especially
in areas like check fraud and
real-time payments."
The webinar is available for viewing here.
To learn more about Alkami's security and fraud solutions, click here.
Alkami has been certified by J.D. Power for providing "An
Outstanding Mobile Banking Platform
Experience."1
About Alkami
Alkami Technology, Inc. is a leading
cloud-based digital banking solutions provider for financial
institutions in the United States
that enables clients to grow confidently, adapt quickly, and build
thriving digital communities. Alkami helps clients transform
through retail and business banking, digital account opening, and
data and marketing solutions. To learn more,
visit www.alkami.com.
About Alacriti
Alacriti stands at the forefront of
payments innovation, delivering comprehensive payment and money
movement solutions to financial institutions. Our commitment is to
empower our clients and their users with seamless, easy-to-use, and
secure real-time payment experiences across all preferred channels,
rails, types, and devices. Alacriti's innovative solution provides
cutting-edge payment technologies that integrate effortlessly with
existing infrastructures. Discover more about how we are
transforming payments at Alacriti.com.
About ABNB Federal Credit Union
ABNB Federal Credit
Union is a full-service financial institution headquartered in
Hampton Roads, Virginia and northeastern North Carolina providing personal and business
banking services to its members regionally and across the
country. With fifteen region-wide branches, a nationwide network of
shared credit union branches and surcharge-free ATMs across the
country, ABNB currently serves over 72,000 members. For more
information visit ABNBfcu.org.
Media Relations Contacts
Vested
alkami@fullyvested.com
Marla Pieton
marla.pieton@alkami.com
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1J.D.
Power 2024 Mobile App Platform Certification ProgramSM recognition is based on
successful completion of an audit and exceeding a customer
experience benchmark through a survey of recent servicing
interactions. For more information, visit
www.jdpower.com/business/awards.
|
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SOURCE Alkami Technology, Inc.