Protect against false or stolen identities
Financial Institutions must be able to determine when a genuine applicant is opening a new account, or a cybercriminal is using stolen credentials to gain access to funds. While challenging enough, this analysis needs to be performed while providing a frictionless experience to genuine applicants or they will abandon the process, creating lost revenue opportunities. With the onslaught of different tactics like bots and identity theft, these challenges continue to grow in volume and complexity.
Application fluency
Cybercriminals are familiar with the application form. They navigate the website quickly to fill out mandatory fields without thought.
Expert user patterns
Cybercriminals display advanced computer skills, using control shortcuts such as tabs between fields and function keys.
Low data familiarity
Cybercriminals will not be familiar with customer-unique data, and the cadence for data entry will not match.
Bot activity detection
Cybercriminals will oftentimes use bots to speed the application process; however, bots cannot replicate human behavior.
Age analysis
Cybercriminals cannot easily adapt to a typing cadence and pattern that aligns with a customer’s age.
Account opening fraud
in the time of
digital banking
Digital banking account opening introduces a significant amount of risk to financial institutions and to those whose identities have been stolen. The challenge is creating an application process with little friction to genuine applications but with enough intelligence to stop fraudulent account creation. The right approach protects customers and takes advantage of digital banking growth.
BioCatch’s solution for Account Opening Protection layers data analysis, behavioral intelligence, and historical session data to manage risk across digital channels, limit financial losses, and maintain consumer confidence.
use cases
Identity theft fraud
Automated software (bot) fraud
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