New capability prevents losses and protects account holders by stopping fraud before funds leave the financial institution
WILMINGTON, NC // November 8, 2023 – Apiture, a leading provider of digital banking solutions, today announced the introduction of enhanced fraud detection through a partnership with DefenseStorm, provider of the only built-for-banking cyber risk management platform. Integrated with the Apiture Digital Banking Platform, the DefenseStorm GRID Active Fraud Detection solution protects financial institutions and their account holders by providing continuous monitoring and real-time alerts to identify fraud before funds leave the financial institution. This proactive approach is proven to reduce an institution’s total cost of fraud by at least 50%.
Every dollar lost to fraud costs U.S. financial services firms $4.23, according to the 2022 LexisNexis® True Cost of Fraud™ Study. In addition to the actual dollar value of a fraudulent transaction, financial institutions face a variety of additional costs, such as labor, investigation, legal, external recovery, and customer churn expenses.
DefenseStorm’s Fraud Detection solution enables financial institutions to proactively detect and immediately respond to potentially fraudulent scenarios, such as account takeover attempts, fraudulent account or loan applications, payments fraud, and money laundering activity. Analyzing data from a financial institution’s network, online banking platform, core, and the dark web, the solution identifies suspicious activity and delivers alerts in real-time, informing investigation and remediation.
“Financial institutions have unique risk factors when it comes to tackling cyber fraud, and they require solutions that are purposefully built for banking to proactively defend against evolving fraud schemes,” said Steve Soukup, CEO, DefenseStorm. “We are thrilled to make an even bigger difference by providing our solution to more financial institutions through our collaboration with Apiture.”
“Apiture’s 300+ community and regional financial institution clients face the ongoing challenge of keeping up with evolving, highly sophisticated fraud tactics,” said Chris Babcock, CEO, Apiture. “We are pleased to expand the capabilities of our platform with the DefenseStorm Fraud Detection solution, empowering our clients to significantly reduce the costs associated with cyber fraud.”
About Apiture:
Apiture delivers award-winning digital banking solutions to banks and credit unions throughout the U.S. Our flexible, highly configurable solutions meet a wide range of financial institutions’ needs, from leveling the playing field with larger institutions to supporting growth through innovative data intelligence and embedded banking strategies. With our API-first approach, our clients can maximize the capabilities of their platform while preserving a seamless user experience. Our exclusive focus on digital banking, and a team with hundreds of years of collective experience working at U.S. financial institutions, means we’re dedicated to meeting the unique needs of our clients while providing a level of support that’s unmatched in the industry. Apiture is headquartered in Wilmington, North Carolina, with offices in Austin, Texas. To learn more, visit www.apiture.com.
About DefenseStorm:
DefenseStorm provides an integrated platform of cyber risk assessment, governance, security, and fraud solutions that ensure financial institutions achieve and maintain cyber risk readiness. The only system specifically built for banking, it accounts for all the daunting challenges, regulations, and technology requirements financial institutions face. Their intelligent data engine, GRID ACTIVE, ensures real-time access, analysis, and action on all critical threat data. The Cyber Threat Surveillance Operations (CTS Ops) team offers access to managed resources 24x7x365, providing the help and expertise needed by financial institutions. To learn more, visit www.defensestorm.com.
Media Contact:
Josh Eichenbaum
Caliber Corporate Advisers
josh@calibercorporateadvisers.com