Open banking platform and fintech marketplace, FutureBank, has announced a partnership with behavioral intelligence platform provider, ThreatMark, to tackle the growing scam and social engineering challenge, in real-time and across the entire customer journey. The partnership will greatly improve how FutureBank customers can address Authorised Push Payment fraud, account takeover, and money mule use, as well as other fraud threats.
ThreatMark is a comprehensive, real-time, behavior intelligence. It combines transaction risk analysis, threat detection, and user behavior profiling capabilities in an integrated analytics platform.
The company uses AI-powered digital behavior intelligence to prevent digital fraud, learn from it, and build models that prevent future frauds across the entire customer journey, across all digital channels. ThreatMark uses its own research in behavioral biometrics and the latest advances in machine learning to distinguish legitimate customers from cybercriminals, in real time.
FutureBank, meanwhile, is an open banking platform and fintech marketplace that helps banks, brands and fintechs integrate new banking and financial service products into their core systems and deploy them at scale with minimal cost and effort.
“With ThreatMark, banks and fintechs get to keep their customers safe across all channels without impacting all the hard work they have put into building a frictionless customer journey. Something so many of them have said is an ongoing business, security and marketing challenge,” explains Sergio Barbosa, CEO of FutureBank.
The reach and sophistication of the criminals present huge challenges to financial institutions. The fraud challenges that institutions face currently include authorized push payment scams, identity theft leading to account takeover, unauthorized payments, and money mules, including coercion or duress. ThreatMark can detect when a scam is in progress and help financial institutions protect their customers by stopping the fraud before it happens,” explains Matt Bevan, Head of Global Partnerships at ThreatMark.
ThreatMark’s Behavioral Intelligence Platform is designed to protect the entire customer journey as they interact with the digital banking platform. By monitoring the digital journey looking for signs of possible fraud, ThreatMark is able to recognize suspicious behavior in real-time and provide the opportunity to stop fraud before it happens.
The partnership with ThreatMark continues FutureBank’s strategy to ensure it partners with companies that allow it to provide its clients with solution options that meet their specific regional and business requirements.
“Financial institutions using FutureBank can now enable ThreatMark seamlessly into their customer journeys now that they are part of our partner network. This is the power of an open banking marketplace - rapid scalability and go to market without the integration risk,” says Barbosa.
The partnership with ThreatMark clearly demonstrates that FutureBank understands, not only the value of industry leading banking and fintech solutions, but the need to protect customers from on-going sophisticated digital fraud attacks that are costing institutions billions of dollars annually. The partnership truly represents a ‘better together’ story.