The global insurance market is a multi-trillion-dollar market worth more than $4.5 trillion in gross insurance premiums (2015). In 2016, the gross insurance in premiums in the U.S reached $2.67 trillion with $1.5 trillion in paid claims.
The BioCatch Analyst Station is a web-based interface that displays the data for one or many sessions and provides summary reports. The portal enables the customer to easily detect and act upon possible fraudulent activity in user accounts. The BioCatch Analyst Station is used for post-session data analysis, typically at the end of each day or whenever required by the administrator.
With the rapid growth in the scope, sophistication, and variety of online fraud and cyber-crime, new approaches are required for fraud detection and user verification. Behavioral biometrics has been getting a lot of attention lately as being able to uniquely address the challenges posed by social engineering, account takeovers and malware. By looking at the way people scroll, type, toggle between fields and use shortcuts, behavioral biometrics can help determine the authenticity of a user, not just which device or password was used to login.
NACHA’s announcement of same-day ACH (Automated Clearing House) payments will benefit both businesses and consumers whose payments are eligible for same-day transaction processing. This is how BioCatch is supporting this change.
Cross-channel fraud is an advanced attack method in which the fraudster steals a user’s credentials and personal information from one channel, in order to commit fraud in an associated channel and/or account. BioCatch has developed effective methods to thwart these attacks.
Digital transformation in banking and retail is rapidly evolving. In this fast-moving environment, where finance and fraud intersect, there are several ramifications for financial institutions and the user experience.
The equation is quite simple: where there is money, there is fraud. As the use of mobile banking grows, so do the threats of hacks, malware and other remote attacks. Traditional means of detecting fraud can take considerable time and resources, sometimes taking weeks to detect or to confirm an incident.
In the digital world - whether mobile payments, e-commerce or online banking – this is much too long. Transactions happen quickly, and any delay can have significant repercussions, both from a consumer confidence perspective and a cost perspective. In the digital world, it seems there is always a choice to make between security and the user experience.
With cyber attackers becoming much more sophisticated, security measures must get smarter too. The key is to implement security measures that continuously monitor and test the authenticity of users in ways that are difficult to replicate.
Overview Behavioral biometrics is a breakthrough cybersecurity technology that identifies people by how they do what they do, rather than by what they are (e.g., fingerprint, face), what they know (e.g. secret question, password) or what they have (e.g. token, SMS one-time code). Behavioral biometrics measures and analyzes patterns in human activities. Historically, these included keystroke patterns, gait, signature and the like.
One of the major retailers in Latin America experienced a surge in online fraud and review costs. BioCatch was able to detect new user fraud in real-time, lower the review rates considerably, and provide immediate ROI.
A leading UK bank searched for a cutting-edge technology to authenticate more than 1.5 million users. BioCatch was able to provide a 100% frictionless solution to meet this need.
BioCatch was deployed in a top-5 UK retail bank with over 5 million users. BioCatch demonstrated a fraud detection rate of 95% with a FP rate of less than 1%.
This top-50 US banking group, a leader in big data analytics, has more than 500,000 customers and more than 300 offices around the world. BioCatch was able to reduce friction and fraud for the bank’s end-users.
BioCatch helps a top-5 UK bank to detect remote access Trojan (RAT) attacks in real-time and spot anomalous user interactions.
New account fraud is usually the gateway to many other criminal activities and is a growing concern for businesses that processes transactions online. Our solution uses behavioral biometrics to detect new account fraud by recognizing criminal behavior and being able to distinguish those behaviors from those of normal users.
BioCatch is a cybersecurity company that delivers behavioral biometrics, analyzing human device interactions, to protect users and data. Banks and other enterprises use BioCatch to significantly reduce online fraud and protect against a variety of cyber threats, without compromising the user experience.
Remote Administration Tools (RATs) have a dual purpose. Their original objective was to allow IT personnel to remotely access computers connected to the network, so they can run troubleshooting or remote maintenance on the PC. Many people use remote access capabilities because it allows them to enter their far-away desktop and control it, just like they were sitting behind the keyboard themselves.
As mobile devices eclipse computers and laptops as the preferred method of going online, fraudsters have followed users, porting their modus operandi –account takeover, social engineering, and malware based remote control attacks – to the mobile arena. Mobile has opened up many new ways for users to communicate and connect without being tied to a desk or a power outlet – and at the same time, it has presented hackers with many more opportunities to perpetrate fraud and carry out attacks that cannot be detected with traditional tools used to detect attacks in web sites. As a result, companies need to apply new fraud controls to protect mobile users and enable them to carry out transactions, check bank accounts, make purchases, etc.
The need for speed. Learn how BioCatch is securing faster payments.