New Account Fraud In Numbers
Total losses from credit card application fraud projected in the U.S. in 2020
Average loss per incident from credit card application fraud
Percent of financial institutions that experience fraud in the account opening process
Average loss per incident from synthetic identity fraud
Behavior Tells All in a Digital World
During account opening, typing speed, swipe patterns, and every click of the mouse tells a story – one of cybercriminal activity or genuine user behavior. BioCatch pulls together advanced behavioral insights to empower organizations with increased visibility into risk. Even when you have never seen a user before, BioCatch quickly spots trusted behaviors to create a smooth customer journey during account opening.
BioCatch Delivers Account Opening Protection to Help Your Organization:
Reduce Fraud Losses
BioCatch Account Opening Protection detects even the most subtle indicators of fraudulent behavior without ever having seen the user before.
Learn how a Top 5 UK bank:
Prevented account opening fraud and saved £800K in just three months following an implementation of an auto-decline process
Flagged thousands of high-risk applications during the initial proof of concept
Enhanced downstream mule account fraud controls
Realize Immediate Value
BioCatch advanced risk models leverage a decade of data to deliver immediate insights into fraudulent vs legitimate sessions immediately.
Learn how a large Asia Pacific bank:
Detected hundreds of fraudulent account openings immediately following implementation
Achieved over 90% accuracy rate on new account fraud alerts
Achieved a better than 1:1 genuine to fraud ratio for credit card applications
Projected to save over $7M annually in potential fraud losses
Increase Customer Acquisition
BioCatch significantly reduces false declines and application abandonment, ensuring financial institutions can safely acquire more customers.
Learn how a top US credit card issuer:
Generated 12X ROI by increasing new business, decreasing operational costs, and reducing fraud losses
Realized $10M+ annual uplift due to higher approval rates and operational cost savings
Gained $1M a year in otherwise lost revenue from false declines
Increased fraud detection rates to >90%
How Can You Trust a New Customer You Have Never Seen Before?
Through innovative research, a decade of data, and proven results, BioCatch risk models analyze a user’s physical and cognitive digital behavior to distinguish between genuine users and criminals in order to detect fraud and identity theft and to improve customer experience. By profiling user behaviors such as mouse movements, typing cadence, swipe patterns or device orientation, the BioCatch platform, powered by machine learning, identifies statistically observed norms for “good” and “bad” behavior.
Cybercriminals input data differently from genuine users
- Dont’ have familiarity with data
- Repeatedly delete and fix errors
- Rely on copy and paste, or automated programs
- Familiarity with new account opening process and online form
- Different pace and navigation patterns
- Display the use of long-term memory
- Hesitate around fields criminals confidently fill
- Use the AutoFill feature for personal details.