Apiture, DefenseStorm Offer Real-Time Fraud Protection for Financial Institutions

Apiture, a provider of digital banking solutions, 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.”

Steve Soukup, CEO, DefenseStorm, said:

“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. We are thrilled to make an even bigger difference by providing our solution to more financial institutions through our collaboration with Apiture.”

Chris Babcock, CEO, Apiture, said:

“Apiture’s 300+ community and regional financial institution clients face the ongoing challenge of keeping up with evolving, highly sophisticated fraud tactics. 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.”

As noted in the update, Apiture says that it “delivers digital banking solutions to banks and credit unions throughout the U.S.”

Their flexible, highly configurable solutions aim to “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.”

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