The Alkami-BioCatch partnership has prevented millions of dollars in fraudulent transactions in 2024
Alkami Technology, a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today that its clients leveraging BioCatch’s fraud prevention solutions through the Alkami Digital Banking Platform stopped more than $54 million in fraudulent transactions in 2024.
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“Alkami takes a strategic, multi-layered approach to fraud prevention, and BioCatch is a valuable component in helping financial institutions detect and stop emerging threats,” said Brad Cranford, director of product management at Alkami. “By operating seamlessly in the background, BioCatch’s Account Takeover Protection strengthens security without adding friction or disrupting the user experience.”
Fraud remains one of the most pressing challenges in financial services, with cybercriminals continually refining their tactics to gain access to consumers’ and businesses’ banking information through stolen credentials, social engineering, and advanced digital threats. To combat these threats, Alkami and BioCatch, which prevents financial crime by recognizing usage patterns, provide a proactive, behavior-based approach to fraud prevention, enabling financial institutions to identify and stop account takeover fraud before money disappears.
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“The results were immediate. BioCatch enhanced our defenses by continuously learning and adapting to customer behavior to protect against suspicious activity. This technology has been instrumental in safeguarding our customers’ identities without disrupting their experience,” said Jessica Ebeling, executive vice president, chief digital and payment officer at Gate City Bank.
Every user interacts with their device in a unique way—through mouse movements, typing cadence, and swipe or scroll patterns. BioCatch’s Account Takeover Protection analyzes these digital behaviors in real time to identify fraudsters who exhibit telltale signs of manipulation such as using keyboard shortcuts, remote access tools (RATs), or developer consoles to navigate banking sessions. By detecting these subtle yet critical high-risk actions, BioCatch helps financial institutions stop fraud before financial losses occur.
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“Our partnership with Alkami enables financial institutions to proactively stop fraud in real time before it impacts their members or customers,” said Jay Whoriskey, north america director at BioCatch. “The $54 million in fraud Alkami customers deploying our solutions prevented last year demonstrates how BioCatch’s real-time analysis of behavioral, device, and network signals helps financial institutions distinguish legitimate users from fraudsters, catching threats traditional security measures often miss.”
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Source – Businesswire
