BMTX Marks Fraud Awareness Week with Fraud Prevention Tips for Consumers

RADNOR, PA / ACCESSWIRE / November 17, 2022 / BM Technologies, Inc. (NYSE American:BMTX), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, has been recognized by DefenseStorm for "Integrated Platform Utilization" with their first annual Community of Trust Award. This award honors companies that improve effectiveness and efficiency by unifying their cyber risk, compliance, and fraud programs on a single platform. DefenseStorm works with BMTX to build its cyber risk readiness capabilities and has recently helped to identify new fraud indicators.

DefenseStorm provides BMTX with a comprehensive platform, including cybersecurity, compliance, and fraud capabilities. As the only platform built for banking, DefenseStorm supplies BMTX 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," said Marilyn McMunn, VP of Information Security at BMTX. "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, powered by its intelligent data engine (GRID), stops attacks before they happen. The unique solution proactively identifies applications from unusual browsers and high-risk IPs, while detecting multiple applications that originated from the same source but with different identities. Using web application firewall data, CyberFraud delivers immediate results, identifying over 500 fraudulent accounts in less than six months. These results will grow exponentially as additional data is fed into the solution.

"BMTX is a trailblazer in financial services, and we are proud to recognize them with this award," said Steve Soukup, CEO at DefenseStorm. "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. We look forward to all we will continue to accomplish together into the future."

While BaaS is known for an API-based approach, BMTX is unique as it goes beyond just tech and brings in functions like compliance and anti-fraud capabilities. BaaS is known for an API-based approach in the industry, but what makes BMTX unique is that its BaaS platform can deliver white label, hybrid, embedded, or API enablement AND it goes beyond just tech to offer full support in the form of BPO (Business Process Operations) functions like compliance and anti-fraud capabilities. The BMTX digital banking platform employs a multi-partner distribution model that enables the acquisition of customers at higher volumes and substantially lower expense than traditional banks, while providing significant benefits to its customers, partners, and business.

BMTX utilizes new user-friendly processes that are highly secure and compliant, along with a combination of state-of-the-art technology and best practices. The BankMobile App has numerous 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.

Meanwhile, on the heels of Cybersecurity awareness month, BMTX marks International Fraud Awareness Week by offering essential tips for consumers to protect themselves against fraud. To safeguard your money and personal information, BMTX recommends the following:

• Never leave your computer, tablet, or mobile phone unattended when using any online banking, mobile banking, or other financial services.
• After you have completed your Internet or mobile banking session, it is good practice to log off and close the browser or app to ensure that the session is disconnected. It is also recommended to lock your computer, tablet, or mobile device whenever you plan to leave it unattended.
• Never use publicly available information to create your password. Examples to avoid are common names or phrases, birthdates, social security numbers, etc. Of course, it goes without saying that you should never reveal your password to anyone.
• Be suspicious of any emails with urgent requests for financial information. Your financial institution will never ask for any personal information in an email. Do not click on links in email messages. Get in the habit of copying and pasting the URL into your browser.
• 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 your accounts to ensure all transactions are legitimate.

About BM Technologies, Inc.

BM Technologies, Inc. (NYSE American:BMTX) - formerly known as BankMobile - is among the largest Banking-as-a-Service (BaaS) providers in the country, providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner bank. More information can be found at www.bmtx.com.

About DefenseStorm

DefenseStorm ensures cyber risk readiness through a built for banking approach that addresses all the unique technology, regulatory and data requirements financial institutions face. Its cybersecurity, compliance and fraud solutions are delivered through an integrated platform and as a co-managed service supported by experts in FI security and compliance. It watches everything on a bank or credit union's network and matches it to defined policies for real time, complete and proactive cyber exposure readiness, keeping security and fraud teams smart and executives and board members accountable. Visit www.defensestorm.com for more information.

Contact:
Brigit Hennaman
Rubenstein Public Relations
bhennaman@rubensteinpr.com
212-805-3005

SOURCE: BM Technologies, Inc.