Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
Account-centric enterprise content management solutions allow users to access account holder information based on their account numbers.
ACH (Automated Clearing House) is an electronic payment network that enables banks, credit unions, businesses, and consumers to securely send and receive funds between accounts for transactions such as direct deposit, bill payments, recurring payments, and account transfers.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
Agentic AI refers to artificial intelligence systems that can autonomously plan, reason, make decisions, and take action to achieve specific goals with limited human intervention.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Identity-Based Access in ECM Software

When it comes to ECM software, “identity-based access” refers to controlling how information is shared based on user-level considerations and security protocols. Typically, users must verify their identity prior to sharing or viewing information in the system.

Information Security Risks in Banking

Banks and credit unions routinely request, access, and manage a variety of sensitive information, such as borrower demographic data, account holder identification numbers, and employee records. Bad actors recognize this reality and continually look for new ways to intercept private information.

Financial institutions must implement advanced security protocols throughout the entire information lifecycle. Failing to do so increases risk for both the financial institution as well as the people it serves. The potential for data loss, identity theft, and compliance violations increases when proper safeguards are lacking.

Identity verification is a common technique for avoiding unauthorized access to information. Password-protected, person-specific user accounts serve as a reliable solution for reducing risk, especially as documents move between parties. Compared to traditional transfer methods, such as email attachments, systems that incorporate identity-based access better align with the need for security, control, privacy, and transparency.

Examples of Identity-Based Access in Alogent’s ECM Suite

Identity-based access is built into Alogent’s ECM suite. For example, with Alogent Document Portal, account holders, borrowers, applicants, and other third parties may upload documentation via password-protected user accounts. As a result, banks and credit unions can reduce their reliance on informal (and less secure) solutions while creating a more scalable, auditable intake process.

Identity-based access is also a key feature in FASTdocs, Alogent’s ECM system for enabling institution-wide imaging. Each team member is provided a unique account that can be associated with user groups for streamlined access to departmental or customer/member folders.

Contact Alogent to explore our ECM software for banks and credit unions
 

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