New Account Fraud In Numbers
$6.7
Billion
Total losses attributed to new account fraud in 2021
$3,000
Average loss per incident from credit card application fraud
85%
Percent of financial institutions that experience fraud in the account opening process
$1,551
Average loss per victim to identity fraud in 2021
Filter Out Criminals. Focus on Customers.
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.

How One Bank Uses BioCatch to Reduce Fraud in Account Opening
“We really see that there is a clear difference between real customers and fraudsters. Since implementing BioCatch (Account Opening Protection), a lot of things have improved for the better. We can clearly identify certain fraud cases through BioCatch data. At the same time, we have fewer false rejections.”
Erik Scheil, Head of Fraud, TeamBank
BioCatch Delivers Account Opening Protection to Help Your Organization:
Only BioCatch delivers insights on:
-
Application Fluency
How familiar is the user with the account application process? -
Expert User Patterns
Does the user display advanced computer skills compared to the general population? -
Low Data Familiarity
How familiar is the user with personal data? -
Bot Activity
Are there behavioral anomalies present that indicate bot activity? -
Age Analysis
Do the human-device interactions align with the common behavior patterns associated with users of a certain age group?