Enhancing Security with FraudSense
At Bankjoy, we are committed to providing our clients with industry-leading services to ensure the safety and security of their clients’ and members’ accounts. We are thrilled to announce launching FraudSense into our platform, a powerful solution designed to detect and prevent fraud in real-time.
What is FraudSense?
FraudSense is a multi-layered real-time fraud prevention product offered by Bankjoy that leverages data analytics and machine learning to prevent fraud before it occurs. FraudSense monitors digital banking activities and assesses risks, then takes necessary preventative measures. It combines internal, streamlined algorithms with seamless integration with the leading fraud prevention vendor Fraud.NET, offering a consortium of fraud data, advanced rules, and AI capabilities. Additional features include advanced case management, no-code rule editing and network analysis.
Key Features of FraudSense Integration
- Real-time Detection and Prevention: Addresses the threat of account takeover and fraudulent transfer prevention.
- Proactive Risk Assessment and Response: Reduces the likelihood of fraudulent activity before it occurs such as authentication attempts, money transactions, and changes in end-user account details (e.g., telephone, email).
- User-friendly Interface: Enables customers to view alerts and take action within the Bankjoy Client Portal.
- User Behavior Analytics: Identifies abnormal activities, such as unexpected login times, unusual transaction amounts, or uncommon transaction locations.
- Consortium Intelligence: Consortium intelligence uses combined data from multiple financial institutions to improve fraud detection rates.
- Blocklist and Exemption List: Ability to manage blocklists and exemption lists for enhanced control over fraud detection rules and exceptions.
Benefits for Credit Unions and Community Banks
- Enhanced Security: Real-time evaluation and monitoring of transactions and authentication events provide immediate risk assessment and automated responses, significantly strengthening fraud prevention efforts.
- Improved Detection Accuracy: Aggregated fraud data from multiple clients and Fraud.NET clients in the consortium enhances the accuracy of transaction risk assessments, leading to more precise fraud detection.
- Operational Efficiency: Automating fraud detection with FraudSense allows your team to focus on other critical tasks, improving overall operational efficiency.
- Increased Transparency and Control: Clients can view and manage high-risk transactions and authentication events through the Client Portal, enabling timely intervention and informed decision-making.
- Flexible and Robust Rules Management: Comprehensive rules management features allow clients to set up, modify, and manage authentication and transaction rules, including the ability to add exemptions and block known fraudulent entities.
- Comprehensive Risk Evaluation and Operational Control: Advanced analytics reports, detailed fraud event logs, and improved client portal functionalities provide a thorough risk evaluation, enhanced customer support, and operational control over alerted transactions and transfer management.
At Bankjoy, we understand the importance of security in today’s digital banking landscape. By launching FraudSense, we aim to provide our clients with the tools needed to safeguard your customers' financial well-being in the face of current and emerging fraud threats.
For more information on how to activate the FraudSense integration, please contact your CSM.
Upcoming Webinar: Helping Your FI Reduce the Risk of Fraud on Your Operations
Please join us on Thursday, August 15th at 10a PT / 1p ET, as we discuss how Bankjoy is working to minimize the impact of fraud and other bad actors on your financial institution’s operations.