Account Opening Protection

When New Customers Are Not

BioCatch Account Opening Protection generates advanced behavioral insights to provide you with the real-time visibility you need to detect more fraud, introduce less friction, and acquire more customers.

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New Account Fraud In Numbers

$3.5

Billion

Total losses projected from application fraud in the U.S. 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

$10K

Average loss per incident from synthetic identity fraud

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.

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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.

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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

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Realize Immediate Value

BioCatch advanced risk models leverage a decade of data to deliver immediate insights into fraudulent vs legitimate sessions.

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

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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%

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Did You Know?

64% of confirmed account opening fraud cases detected by BioCatch showed behaviors indicating lack of familiarity with data.

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Only BioCatch delivers insights on:

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    Application Fluency
    How familiar is the user with the account application process?

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    Expert User Patterns
    Does the user display advanced computer skills compared to the general population?

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    Low Data Familiarity
    How familiar is the user with personal data?

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    Age Analysis
    Do the human-device interactions align with the common behavior patterns associated with users of a certain age group?

Actionable Behavioral Insights Start Here

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