Allure Security recently collaborated with the Jack Henry to create a new integration for the Jack Henry Banno banking platform to increase financial institutions’ security against online brand impersonation, phishing, and account takeover scams targeting institutions and their patrons.

The integration is now available to customers of both Jack Henry Banno and Allure Security. 

Built specifically for community and regional credit unions and banks, Jack Henry Banno is used by approximately 935 financial institutions and more than 12 million registered users. Many of these same institutions use Allure Security online brand protection-as-a-service. At the request of our customers that also use Jack Henry Banno, the new Allure Security integration significantly expands visibility into online impersonations of these organizations used as part of phishing and other fraud schemes.

“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 the firm Aberdeen Strategy & Research. Such attacks significantly hamper growth – posing a potentially existential threat. For example, credit union respondents to the study had a median revenue of $65 million, and the median amount lost to such scams was more than $3 million.

As a result, it’s crucial for regional banks and credit unions to adopt a proactive approach to online brand impersonation and phishing to reduce risk and preempt fraud and related costs. By identifying and mitigating scam websites, deceptive social media profiles, and rogue mobile apps, these institutions can better protect their customers and members.

Allure Security’s new integration helps Jack Henry Banno users take full advantage of Allure Security capabilities to get ahead of online scams targeting their customers and members – and stop scams before they strike.

Enhancing Online Brand Protection: The Allure Security and Jack Henry Banno Integration

When a fraudster tricks a victim into surrendering their banking credentials and other sensitive information through a phishing website, they often redirect the victim to their financial institution’s legitimate site. This tactic creates the illusion that the victim has been using the legitimate site all along, delaying suspicion and prolonging the fraudster’s access to the compromised account.

To identify scams targeting our customers, Allure Security leverages a number of data sources in addition to our analysis of 10s-of-millions of online assets each day.

One example is web referrer logs from our customers’ websites. Our web beacons, which take mere minutes to deploy, collect logs of any website referring to the website on which the beacon resides. Our AI-powered brand impersonation detection engine then evaluates every one of those collected websites to look for signs of deception and impersonation, alerting immediately on anything it deems malicious.

Allure Security applies AI to continuously monitor more of the internet each day, enabling us to identify phishing websites as fraudsters set up or test them. As a result, we can catch these threats before any consumer is directed to them. Web referrer logs, collected by our web beacons, also support this endeavor. The logs allow us to detect fraudsters as they test redirect functionality from their phishing sites to legitimate sites, allowing us to intervene before people fall victim to the scam.

Because Jack Henry Banno customers couldn’t install web beacons on their online banking pages in the past, they could not take advantage of any of the web beacon’s benefits. This is no longer the case.

With the new integration, Allure Security customers using Jack Henry Banno can now collect and send website referrer logs from their online banking pages to Allure Security. Allure Security can then evaluate any referring websites for signs of phishing or impersonation without customers having to lift a finger. The integration significantly enhances security and visibility for Jack Henry’s and Allure Security’s shared customers by introducing an additional layer of detection for potential threats. 

How Organizations Can Take Advantage of the New Allure Security Integration

The integration has already been activated for all existing, mutual Jack Henry Banno and Allure Security customers. For any questions, please reach out to your Allure Security representative.

Jack Henry Banno customers who want to take advantage of Allure Security online brand protection-as-a-service and the new integration should contact Allure Security today.

Allure Security customers can find more information about the Banno platform at the Jack Henry Banno website.