Account Takeover Fraud In Numbers
$11.4
Billion
Total losses attributed to account takeover fraud in 2021 in the U.S.
£819
Million
Total estimated losses attributed to authorized push payment fraud in 2021 in the UK
38%
Percent of consumers who were the victim of account takeover in the last two years
72%
Percent of global financial institutions that cite account takeover fraud as leading cause of concern
Expose Account Takeover Fraud With Behavioral Biometrics
BioCatch risk models leverage innovative research and a decade of data to continuously monitor web and mobile sessions and expose a broad range of account takeover threats that legacy fraud prevention controls miss.
Click below to explore ways to protect against account takover:
LATAM Bank Uses Behavioral Biometrics to Fight Account Takeover Fraud
Banorte doubled the number of digital banking customers during the pandemic which was a dream for digital business leaders. The problem was fraudsters also joined the migration to their digital platforms. Hear more from Rafael Fragoso, Director of Mobile Banking, Banorte on how they worked with BioCatch to meet the needs of their customers, mitigate risk from account takeover fraud and reduce false positives.
BioCatch Delivers Account Takeover Protection to Help Your Organization:
Protect Customers From Real-Time Social Engineering Scams
Criminals excel at connecting to the human element, and a large amount of time in scam scenarios is spent setting the scene with potential victims. Real-time social engineering scams often occur over the phone and remain among the most difficult forms of account takeover to detect because the user is on their own device, present in a known location, and able to pass all forms of multi-factor authentication if needed. There are very clear patterns associated with genuine and fraudulent activity.
Detect Mule Accounts Early to Reduce Risk Exposure
Mule accounts play a pivotal role in determining the success of an account takeover attempt. If criminals do not have a mule account to send the cash from a fraudulent transaction or payment, they will not achieve their goal. Not every mule account is equal and understanding how they operate requires a deep understanding of digital behavior and account patterns. Behavioral biometrics unwraps the complexity to help financial institutions identify mule accounts earlier and reduce operational costs and risk exposure downstream.