Account takeover fraud is a prevalent and costly threat faced by businesses today. The alarming statistics speak for themselves: account takeover fraud accounted for 53% of all existing account fraud in 2019, and its cost to US businesses skyrocketed to $25.6 billion in 2020—a staggering 500% increase from 2017, as reported by Juniper Research. To protect their customers’ accounts, reputations, and trust, community banks and credit unions must be proactive in combating this form of identity theft.

That is where tools like REDiNotify can help.

REDiNotify: Empowering Financial Institutions to Combat Account Takeover Fraud

REDi’s advanced notification system offers a range of features that enable financial institutions to detect and prevent fraudulent activities effectively. Let’s explore how REDiNotify helps combat account takeover fraud:

Real-Time, Multi-Channel Notifications:

REDiNotify empowers financial institutions to deliver real-time, event-driven alerts to customers through multiple channels such as email, voice, text, and mobile apps. This proactive approach ensures that customers are promptly notified about any changes or suspicious activities related to their accounts, enabling them to take immediate action.

Seamless Integration Across Systems:

REDiNotify seamlessly integrates with various systems, including core, loan, teller, and CRM platforms. This integration allows for comprehensive monitoring and analysis of account activities, enhancing the ability to identify potential fraudulent events accurately.

Multi-Factor Authentication (MFA):

To provide an additional layer of security, REDiNotify supports multi-factor authentication (MFA). By delivering authentication codes through channels such as SMS or email, REDiNotify ensures that users are verified before accessing their accounts. It reduces the risk of unauthorized access and thwarts potential account takeover attempts.

Behavioral Analytics:

REDiNotify leverages advanced behavioural analytics capabilities to detect anomalies in user behavior and identify potential fraudulent activities. By analyzing patterns and deviations from the norm, financial institutions can proactively intervene and prevent account takeovers before they occur.

Empowering Customers and Building Trust:

In the fight against account takeover fraud, collaboration between financial institutions and their customers is crucial. REDiNotify facilitates this collaboration by empowering customers with timely and actionable information. By receiving real-time notifications about changes or suspicious activities, customers can promptly report any unauthorized access or fraudulent transactions. This proactive engagement enhances customer trust and confidence in their financial institution’s commitment to security.

In the face of escalating account takeover fraud, community banks and credit unions must adopt proactive measures to protect their customers and uphold trust. By leveraging REDiNotify, banks can safeguard customer accounts, detect anomalies, and respond swiftly, ensuring a secure and trustworthy banking experience in the digital age. Stay one step ahead of fraudsters with REDiNotify and fortify your institution against the ever-evolving threat of account takeover fraud. Talk to us to see how we can help.

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