Alkami Integrates Credential Stuffing Protection Into Its Digital Banking Platform

Rhea-AI Summary

Alkami Technology, Inc. (Nasdaq: ALKT) has integrated credential stuffing protection into its digital banking platform's challenge-response authentication process. This enhancement automatically checks for human behavior in the background without requiring visual puzzles or additional time, ensuring a seamless experience for legitimate users while improving security.

The integration is part of Alkami's layered approach to fraud detection and prevention in online banking, addressing the rising threat of credential stuffing in the financial services market. The solution is compliant with Web Content Accessibility Guidelines (WCAG) 2.1 Level AA, ensuring accessibility for all users, including those with disabilities.

Customers like Quontic Bank and Mountain America Credit Union have reported reduced potential fraudulent activities and improved security for their account holders without added complexity.

Positive

• Integration of credential stuffing protection into digital banking platform
• Improved security without compromising user experience
• Compliance with WCAG 2.1 Level AA accessibility guidelines
• Positive feedback from customers reporting reduced fraudulent activities

Negative

• None.

Insights

Cybersecurity Expert

Alkami's integration of credential stuffing protection into its digital banking platform is a significant step forward in enhancing security for financial institutions. This move addresses a growing threat in the banking sector, as credential stuffing attacks have become increasingly sophisticated and frequent.

The key innovation here is the seamless implementation of this security feature. By automatically checking for human behavior in the background without requiring additional user input, Alkami has struck a balance between robust security and user experience. This approach is important in the competitive digital banking landscape, where user friction can lead to customer attrition.

However, while this is a positive development, it's important to note that credential stuffing is just one of many cybersecurity threats. Financial institutions should continue to invest in a multi-layered security approach to address evolving risks effectively.

Financial Technology Analyst

Alkami's integration of credential stuffing protection represents a competitive advantage in the fintech space. By offering this feature as part of their standard solution, they're positioning themselves as a proactive partner for financial institutions in the ongoing battle against fraud.

The market implications are significant. Smaller banks and credit unions, which often lack the resources to develop such sophisticated security measures in-house, can now offer protection on par with larger institutions. This could lead to increased adoption of Alkami's platform, potentially driving revenue growth.

Moreover, the compliance with WCAG 2.1 Level AA guidelines demonstrates Alkami's commitment to accessibility, which is increasingly important in the digital banking sector. This comprehensive approach to both security and usability could strengthen Alkami's market position and customer retention rates.

Product integration provides an enhanced digital banking user experience and improved security

PLANO, Texas, Aug. 14, 2024 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced the implementation of its credential stuffing protection into its digital banking platform challenge-response authentication process. This feature automatically checks for human behavior in the background, without requiring visual puzzles or additional time spent, ensuring a seamless interaction for legitimate users.

"This enhancement in Alkami's platform has given us the ability to provide an additional layer of security for our account holders. The secure and seamless login experience has contributed to reducing potential fraudulent activities, offering our customers greater peace of mind without added complexity," said Grace Pace, senior vice president/digital bank at Quontic Bank. "Alkami has been a valued partner in helping us address security and compliance challenges. We trust that their innovative solutions will continue to support our efforts to protect our account holders from emerging security threats."

This integration is the latest in Alkami's layered approach to fraud detection and prevention in online banking. Given the fluidity of risk in the financial services market, including a rise in credential stuffing, financial institutions must incorporate organization-wide strategies to solve for known and emerging fraud threats. Banks and credit unions need to partner with a digital banking provider that continues to innovate and be proactive in mitigating fraud.

"Alkami continues to evolve its platform as the security threats change for our customers, and we're proud to integrate credential stuffing protection as part of our standard solution for everyone," said Brad Cranford, director, product management at Alkami. "Our goal is to help our customers manage security while providing the best experiences for their account holders." 

These changes are compliant with Web Content Accessibility Guidelines (WCAG) 2.1 Level AA, ensuring accessibility and usability for all users, including those with disabilities.

"Since enabling these features, Mountain America Credit Union (MACU) has significantly reduced credential stuffing attacks and greatly improved the security of our platform and our members' login experience. Most logins are automatically validated, requiring no additional input from our members, while the remainder can be easily validated with a single action," said James Hilton, vice president of product management at MACU.

To learn more about Alkami's Fraud Prevention Solutions, visit here.

Alkami has been certified by J.D. Power for providing "An Outstanding Mobile Banking Platform Experience."*

About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and commercial banking, digital account opening, and data and marketing solutions. To learn more, visit www.alkami.com.

^{*J.D. Power 2024 Mobile App Platform Certification ProgramSM recognition is based on successful completion of an audit and exceeding a customer experience benchmark through a survey of recent servicing interactions. For more information, visit www.jdpower.com/business/awards.}

Media Relations Contacts
Vested
alkami@fullyvested.com

Marla Pieton
marla.pieton@alkami.com

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SOURCE Alkami Technology, Inc.

FAQ

What new feature has Alkami (ALKT) integrated into its digital banking platform?

Alkami has integrated credential stuffing protection into its digital banking platform's challenge-response authentication process.

How does Alkami's (ALKT) new credential stuffing protection work?

It automatically checks for human behavior in the background without requiring visual puzzles or additional time, ensuring a seamless experience for legitimate users while improving security.

Is Alkami's (ALKT) new security feature compliant with accessibility guidelines?

Yes, the new feature is compliant with Web Content Accessibility Guidelines (WCAG) 2.1 Level AA, ensuring accessibility for all users, including those with disabilities.

What benefits have Alkami's (ALKT) customers reported from the new security feature?

Customers like Quontic Bank and Mountain America Credit Union have reported reduced potential fraudulent activities and improved security for their account holders without added complexity.