BM Technologies recognized for its cyber risk efforts

Receives Community of Trust Award from DefenseStorm

BM Technologies Inc. (BMTX) — a digital banking platforms and Banking-as-a-Service (BaaS) provider — has been recognized by DefenseStorm with its first annual Community of Trust Award.

The award is given to companies that “improve effectiveness and efficiency by unifying their cyber risk, compliance, and fraud programs on a single platform,” according to a press release. BM Technologies received the award for its “Integrated Platform Utilization.”

DefenseStorm works with the Radnor-based BM Technologies to build its cyber risk readiness capabilities and has recently helped to identify new fraud indicators.

The company provides BM Technologies with a platform that includes cybersecurity, compliance, and fraud capabilities. It supplies the financial institution with “an intelligent data engine that delivers real-time access, analysis, and action on critical threat data, combining human interaction with machine learning.”

“Fraud is a constant and serious threat, and BMTX spares no expense to ensure the safety and security of our customers,” Marilyn McMunn, VP of Information Security at BM Technologies Inc., said in a statement. “We are honored to receive this award and proud to work with DefenseStorm as our strategic partner. They have helped us face all the daunting challenges, regulations, and technology requirements needed to stay ahead of evolving threats.”

DefenseStorm’s CyberFraud product stops attacks before they happen, according to the release, by identifying applications from unusual browsers and high-risk IPs, while detecting multiple applications that originated from the same source but with different identities.

“By proactively taking on cyber threats, the compliance and fraud prevention team at BMTX represents the new face of cyber security in the industry, moving their company from risk posture to a state of risk readiness. Their commitment to using an integrated cyber risk platform is just one example of this proactive approach,” Steve Soukup, CEO at DefenseStorm, said in a statement.

According to BM Technologies, Banking-as-a-Service is known for using an application programming interface, or API-based approach. The company said it “goes beyond the tech.”

BM Technologies’ BankMobile App features built-in security features, including authentication checks via strong passwords before access to account information is granted. Personal information is retrieved only when requested and is not stored on a customer’s phone, so information is not at risk if a phone is lost or stolen, the company said.

To wrap up International Fraud Awareness Week (Nov. 13-19), BM Technologies offered some tips for consumers to protect themselves against fraud:

• Never leave a computer, tablet, or mobile phone unattended when using any online banking, mobile banking, or other financial services

• After completing an Internet or mobile banking session, log off and close the browser or app to ensure that the session is disconnected.

• Never use publicly available information to create a password.

• Be suspicious of any emails with urgent requests for financial information. Do not click on links in email messages.

• Do not open email attachments from addresses you don’t recognize. Ensure the website is secured with HTTPS in the address bar before entering sensitive information.

• Regularly log on and check accounts to ensure all transactions are legitimate.

Launched in January 2015, BM Technologies, formerly known as BankMobile, has become one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country.