Industry experts unveil strategies in webinar to tackle emerging fraud threats as real-time payments surge and check fraud remains a leading risk
Alkami Technology, Inc., a leading cloud-based digital banking solutions provider for financial institutions in the U.S., recently held its latest webinar, “Banking on Security: Check & Real-Time Payments Fraud,” aimed at helping financial institutions address emerging fraud threats that are increasingly impacting consumer and business accounts.
This webinar examined the rising risks of check fraud and real-time payments fraud, two areas where financial institutions are experiencing significant challenges. A panel of experts from Alkami, Alacriti, and ABNB Federal Credit Union shared real-world examples and discussed actionable strategies to strengthen security frameworks through proactive fraud mitigation and a layered defense approach.
In addition to fraud strategies, Dennis Irwin, chief compliance officer at Alkami, emphasized the importance of a compliance management system (CMS) in maintaining security and regulatory compliance. “A compliance management system helps ensure we stay compliant, mitigate fraud, and enhance security. It’s not just about preventing fraud but also maintaining a strong reputation and minimizing financial risks,” Irwin explained. Irwin further noted that a well-structured CMS includes thorough third-party risk management to ensure ongoing due diligence as well as continuous monitoring throughout the vendor lifecycle.
Check fraud continues to be a major concern, with 65% of organizations reporting fraud involving checks, making it the payment method most prone to attacks. In parallel, fraudsters are increasingly targeting faster payment rails, exploiting the speed of transactions to commit fraud before digital banking solutions can respond. With 82% of U.S. consumers using platforms like Zelle, Venmo, and Cash App, real-time payments are contributing to a new wave of fraud risks, further highlighting the need for vigilant fraud management by financial institutions.
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Brad Cranford, director, product management at Alkami, emphasized the urgency of these threats noting, “Fraud, security, and compliance in digital banking solutions are more critical than ever, with bad actors constantly devising new ways to exploit vulnerabilities. Financial institutions must stay ahead with layered, proactive defense strategies to safeguard their customers and members.”
The rise of real-time payments presents both opportunities and challenges for financial institutions. With real-time payments projected to grow by 33% annually, reaching $277 billion by 2032, there are substantial opportunities for enhancing payment offerings. However, this rapid growth also introduces new fraud risks. Mark Majeske, senior vice president of faster payments at Alacriti highlighted this balance explaining, “Instant payments offer incredible potential for improving payment offerings, but they also introduce new challenges in fraud management. This webinar is essential for understanding how to integrate real-time payments seamlessly while staying ahead of emerging fraud threats.”
Cassandra Tucker, director of operations at ABNB Federal Credit Union, spoke about how partnering with Alkami and its extensive partner ecosystem has enhanced ABNB’s fraud defenses. “Working with Alkami has helped us navigate the growing complexity of fraud risks by providing us with cutting-edge tools to protect our members. Their expertise has been crucial in ABNB’s efforts to combat fraud, especially in areas like check fraud and real-time payments.”
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