Alkami Customers Prevent Over $263 Million in Fraud with BioCatch

Alkami said customers using BioCatch through its digital banking platform prevented more than $263 million in fraud during 2025, based on data shared by BioCatch. Separately, Gate City Bank reported a 97% account-takeover capture rate and $650,000 in deterred fraud loss over six months, while Raiz Federal Credit Union reported preventing more than $286,000 in its first year using the solution alongside other security measures.

Analysis

The strategic value is potential platform stickiness, not the headline fraud total: an integrated behavioral-risk layer can make Alkami harder to displace and support cross-sell, if banks actually adopt it and Alkami captures recurring economics. The release does not disclose Alkami revenue, attach rate, customer retention impact, or independently audited loss reductions. The $263M is a BioCatch-shared aggregate for Alkami customers; it is not Alkami revenue or a quantified saving attributable solely to the partnership. Gate City Bank’s capture rate and Raiz Federal Credit Union’s result are individual customer examples, not evidence of platform-wide performance.

Near term (days), this reads as a modest proof point rather than an earnings catalyst. Over 1–3 months, the key test is whether Alkami discusses fraud/security module adoption, partner-led bookings, or retention in reported results. Over 6–18 months, successful integrations could strengthen Alkami’s competitive position against digital-banking providers such as Q2 Holdings and standalone fraud tools; conversely, banks’ ability to assemble competing vendor stacks and concerns about false positives could limit pricing power. BioCatch’s broader institution count does not establish Alkami-specific scale. The bullish case is falsified if Alkami’s reported growth, retention, or management commentary fails to show commercial conversion, or if customers report material friction from risk controls.

Key Decisions for Investors

• Do not trade the press release alone. Treat it as a small positive qualitative signal for ALKT, not as evidence supporting a near-term earnings or valuation revision.
• Use the next earnings call as the entry checkpoint: look for quantified adoption/attach rates, partner-sourced bookings, retention contribution, or subscription economics. If Alkami provides no evidence of conversion, keep the item on watch rather than adding exposure.
• For an existing ALKT position, retain the thesis only while platform growth and retention remain consistent with a sticky, expanding product suite; reassess if management weakens guidance or customer adoption indicators deteriorate. The upside is incremental moat validation; the downside is that the claimed fraud impact produces little monetizable revenue.
• Monitor customer-reported false-positive rates, intervention outcomes, and implementation friction. A deterioration in those measures would weaken the low-friction differentiation claim and could shift value toward competing digital-banking platforms or specialist fraud vendors.