Allure Security recently collaborated with Jack Henry to create a new integration for the Jack Henry Banno banking platform. This integration protects financial institutions against online brand impersonation, phishing, and account takeover scams.
The integration is now available to customers of both Jack Henry Banno and Allure Security.
“Through this partnership, we’ve built an integration that allows us to find and eliminate more phishing sites more quickly for the customers we have in common,” says Allure Security CEO Josh Shaul. “Our mutual customers have been requesting this type of close collaboration for some time, and it’s gratifying to see it come to fruition – already accelerating our detection speed for these customers.”
Account Takeover Costs Financial Institutions Up to 6.8% of Revenue
The estimated median cost of account takeover attacks ranges from 2.7% to 6.8% of a financial institution’s revenue, according to a research study conducted by Aberdeen Strategy & Research. Such attacks significantly hamper growth. For example, credit union respondents to the study had a median revenue of $65 million. And the median amount lost to such scams was over $3 million.
As a result, regional banks and credit unions must adopt a proactive approach to online brand impersonation. Addressing phishing is critical to preempting fraud and related costs. These institutions can better protect their customers and members by quickly identifying and mitigating scam websites, social media profiles, and rogue mobile apps.
Allure Security’s integration enables Jack Henry Banno users to leverage Allure Security’s capabilities to combat online scams. Scams that are targeting their customers and members.
Enhancing Online Brand Protection: The Allure Security and Jack Henry Banno Integration
Fraudsters often trick victims into surrendering their banking credentials through phishing websites, then redirect them to their financial institution’s legitimate site.
This creates the illusion that the victim is using the genuine site, delaying suspicion and prolonging fraud.
To combat this, Allure Security utilizes various data sources, including the analysis of millions of online assets.
Our web beacons can quickly gather web referrer logs from customer websites to identify phishing and impersonation attempts. These beacons feed data into our AI detection engine, which provides immediate alerts for any malicious activity.
Our AI continuously monitors the internet, allowing us to catch phishing sites before consumers encounter them. The web referrer logs help identify fraudsters testing redirects from phishing sites to legitimate ones, enabling us to intervene early.
Previously, Jack Henry Banno customers were unable to install web beacons on their online banking pages. Meaning they could not benefit from web beacons. This limitation has now been resolved.
How Organizations Can Take Advantage of the New Allure Security Integration
The integration has been activated for all current mutual customers of Jack Henry Banno and Allure Security.
Jack Henry Banno customers interested in utilizing Allure Security’s online brand protection-as-a-service and the new integration are encouraged to contact Allure Security today.
Allure Security customers can find more information about the Banno platform on the Jack Henry Banno website.