Resource Center

Case Study

Top Asia Pacific Bank Rapidly Deploys BioCatch Account Opening Protection

A top Asia Pacific bank discovered that over 70% of their lending fraud was a result of fraudulent deposit and transaction account openings. With the goal of minimizing further impact to their reputation and bottom line, the bank rapidly deployed BioCatch Account Opening Protection to detect fraudulent account openings and reduce losses from subsequent lending fraud.

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Case Study

Top-5 U.S. Card Issuer Realizes $10M Annual Uplift by Detecting New Account Fraud

A top-5 U.S. credit card issuer suffered from millions of dollars in fraud losses caused by the use of stolen personal information or synthetic IDs in the application process. Their existing fraud detection model was based on traditional identify verification methods (i.e. personal data and device reputation). After deploying BioCatch Behavioral Biometrics to their account opening journey, the issuer gained a new layer of visibility that enabled them to decipher between legitimate applicants and cyber criminals with a greater level of confidence.

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Webinar

When New Customers Are Not: Winning The Battle Against Account Opening Fraud

Today, business starts in the digital world. Financial institutions continue to prioritize investment in digital channels to grow revenue and acquire new customers. It is where new customers want to start a relationship, and where financial institutions want that relationship to begin. But what happens when new customers are not really customers at all?

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White Paper

Create Trust and Safety on the Internet

Fraud operations teams have historically focused on loss prevention as a key indicator of success. While this is an important metric, 30% of banks today are building dedicated trust and safety teams and the focus has shifted towards more customer-centric models.

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White Paper

Winning the Malware Arms Race

BioCatch takes a unique approach to solve the Trojan predicament. Rather than detecting a specific Trojan variant, wouldn’t it be better to detect all types of malicious actors, be it Trojans, bots or other adversaries? And what if we could not only protect against current, known, threats, but also future, unknown modes of operation? And finally, what if this detection can be truly continuous, easy to integrate with and deploy, with tools that provide visibility into the user activity?

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White Paper

New Account Opening: 3 Ways Behavioral Biometrics Can Spot Criminals and Protect Customers

New account opening fraud can directly impact the bottom line and threatens new digital business models, especially those that rely on growth through rapid customer acquisition. From credit cards and deposit accounts to a wide range of lending products, cybercriminals spare no effort to turn a profit by exploiting weaknesses in the digital onboarding process. This e-book explores the financial and business impacts of new account opening fraud, the effect on customer experience, and how behavioral biometrics can be used to reduce fraud risk and increase customer acquisition in digital onboarding.

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Case Study

Top 5 UK Bank Reduces Customer Friction By 95% With Behavioral Biometrics

Account takeover (ATO) attacks were bypassing existing fraud prevention controls and generating extensive losses for a top 5 UK bank. In addition, the solutions and controls deployed across multiple layers of the account lifecycle were creating high levels of friction. Find out how behavioral biometrics drastically curbed the financial impact of fraud threats targeting the payment process and reduced friction up to 95% across the customer journey.

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Data Sheet

Advanced Behavioral Biometrics with BioCatch

Customer experience is the hallmark of growing revenue in digital channels. However, that revenue can be threatened by losses sustained from new account fraud, account takeover and other cyber threats. As the volume of digital transactions surges, fraud and risk management leaders are tasked with building trust across a broad range of use cases, managing risk across digital channels, and limiting financial losses from cybercrime.

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Webinar

Building Invincible Trust Chains with Strong Authentication and ID Verification

This webinar delves into critical topics organizations are facing with managing the explosion of digital identities.  Join the panel of industry experts as they address the 8 big industry questions, presented in conjunction with Money20/20 Europe, ranging from how to get digital trust right to surfing the complex wave of regulatory changes.

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Case Study

Top 5 UK Bank Puts the Brakes on Account Takeover Fraud with Behavioral Biometrics

Corporate banking typically requires increased security over other banking functions as it is targeted by the most sophisticated cybercrime schemes and presents high risk due to the value of transaction amounts that are often sent to international or unknown destinations. Digital transformation has also put pressure on the financial services industry to move money faster and with minimal disruption to businesses. See how one financial institution put the brakes on a sustained account takeover cyber attack with behavioral biometrics and stopped a £1.6 million fraudulent transaction.

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Data Sheet

Case Manager

The BioCatch Case Manager tool empowers fraud operators to investigate high-risk activities and provide genuine and fraud feedback in real-time, reducing the fraud-review operational cost and enhancing accuracy of the risk engine based on confirmed fraud cases. The Case Manager tool helps simplify investigation and drives faster resolution, while providing visibility into the fraud operators activities and workload

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White Paper

Workplace Distancing: Adapting Fraud and AML Operations to COVID-19

Within a remarkably short period of time, COVID-19 has dramatically altered the way in which the global population works, transacts, and interacts. Social distancing, a term that was not in most people’s vocabulary just a few short months ago, is the new norm. Fraud and AML operations functions at financial services firms have not typically consisted of a remote-enabled workforce, nor are most operations centers known for ample space between workers, so the shift to remote workers and the requirements of social distancing have necessitated a rapid adjustment for firms around the globe.

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Webinar

Workplace Distancing: Adapting Fraud Operations to COVID-19

Within a remarkably short period of time, COVID-19 has dramatically altered the way in which the global population works, transacts, and interacts. The ability to quickly build a remote-enabled workforce and adhere to social distancing requirements has necessitated a rapid adjustment for how fraud and AML teams work. For financial services firms, the problem is even more profound as they prepare to support the increase in consumer transactions and manage the expected increase in fraud that comes along with it. In this webinar, Julie Conroy, Research Director, Aite Group, will present best practices and lessons learned from financial services firms adjusting to operations with a largely remote workforce and the effect on fraud management. Ayelet Biger-Levin, VP of Market Strategy, BioCatch, will provide guidance on strategies that can be used to automate fraud operations and protect digital channels.

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Case Study

Zelle Fraud: Fighting Advanced Cyber Crime in a Real Time P2P Scheme

The US banking industry has made a significant leap forward by launching Zelle, a real-time p2p platform for moving money from the user’s bank account to an email/mobile contact. In Q3 2019, Zelle traffic was reported to be 196 million transactions with a volume of $49 billion, and many banks in US are now offering Zelle functionality via their online and mobile banking applications.

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White Paper

RATs & Protecting Online Banking | White Paper | BioCatch

According to multiple threat index reports issued at the end of 2018, the threat of Remote Access Trojans (RATs) is at an all time high. One RAT made Checkpoint’s Global Threat Index Top 10 list, while Proofpoint reports that the number of RATs doubled each quarter of 2018, accounting for more than 5% of all malicious payloads for the year, marking a significant change from the past.

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Webinar

Do you Zelle? Fraud Risks to Consider When Moving to Faster Payments with Zelle

Zelle is awesome! The highly innovative P2P scheme allows people to pay in real-time from their bank account to any of their contacts. It’s easy to use, super-fast and extremely convenient.

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Webinar

Critical Capabilities to Secure the Future of Money

Digital transformation has introduced ​exponential opportunity in the financial space. The way we manage our money online (via banking, money transfers and shopping) has changed dramatically. We have moved away from a one-time, occasional transaction with a merchant, requiring several steps to checkout, to a continuous, connected relationship and quick, instant checkout. Digital identity has evolved into an essential part of the modern money lifecycle, bringing into the mix issues of securing personal data, privacy and more. At the same time, data breaches and phishing attacks have created an abundance of stolen credentials, turning identities into the most consequential attack vector in the financial world. During this webinar, Ayelet Biger-Levin, VP, and Gareth Campbell, Head of Threat Analytics, will discuss how BioCatch enables the future of money by providing a secure and frictionless user experience across multiple use cases such as account opening, login and payments.

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Data Sheet

Policy Manager

The Policy Manager allows fraud teams to define the actions that should take place depending on the various system outputs, streamlining the implementation process and heightening the usability of the BioCatch system. Going beyond simply providing a best-of-breed risk score, the BioCatch Policy Manager offers flexibility in establishing the actions that should occur if the user behavior inside a session triggers a predefined condition. Instead of building rules based on 0-1000 ranges that have to be well-understood for a particular environment, the Policy Manager allows fraud analysts to benefit from added logic that mitigates fraud in real-time, simplifies back-end operations and assists with gathering data for proactive, investigative analysis.

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Webinar

Combating New Account Fraud With Behavioral Biometrics

New account fraud continues to grow at a rapid pace, threatening new digital banking business models and fintech platforms such as Zelle, that are in a customer acquisition race. Convenience, speed and ease of use make digital the preferred channel for consumers, but also open the door for criminals. With 14.7 billion personal records stolen in the last 6 years and the proliferation of synthetic identities making it very difficult to tell the difference between a legitimate applicant and one that will result in loss, new models for identity verification are starting to emerge, with behavioral biometrics as a key component.

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Webinar

OUT WITH KBA; IN WITH NEW DIGITAL IDENTITY GUIDELINES FOR THE US GOVERNMENT AND BEYOND - A Debrief of the Latest GAO Report

The newest report issued by the U.S. General Accounting Office (GAO), Federal Agencies Need to Strengthen Online Identity Verification Processes, calls for an overhaul and updated guidelines on identity proofing, highlighting the availability of data stolen in various data breaches over the years in the hands of attackers and fraudsters. Already, the National Institute of Standards and Technology (NIST) has issued guidance in 2017 that effectively prohibits agencies from using Knowledge-Based Authentication (KBA) methods for sensitive applications. Now, the GAO is going one step further, recommending that all agencies discontinue the use of KBA and highlights various alternatives for consideration. The outcome may have far-reaching implications not just for federal agencies but across the board for all private entities that conduct identity verification and authentication to provide digital products and services.

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Webinar

Understanding Your Client’s Digital Identity

Identity is everything on the internet. Every authentication hurdle online users need to jump through, such as two-factor authentication and passwords, is aimed at one goal – verifying the identity of the user. Digital identity has never been as important as it is now and will only continue to grow in importance as digital transformation takes hold.

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Case Study

Behavioral Biometrics Prevents Massive New Account Opening Fraud Attack

As banks evolve to compete in a digital-first world, gaining market share, increasing revenue, and making the onboarding process as easy as possible are top priorities. But those priorities can be disrupted by opportunistic cybercriminals. Find out how behavioral biometrics helped a digital bank improve the customer onboarding experience while increasing fraud detection by 60 percent.

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Webinar

One-time Passwords: What are the Alternatives?

One-time passwords (OTP) remain one of the most widely used forms of two-factor authentication, despite their well-documented vulnerabilities. Earlier this year, a major UK bank was hit by an attack in which fraudsters diverted text messages from legitimate customers’ phones in order to bypass two-factor authentication and access accounts.

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Data Sheet

Using Behavioural Biometrics to Combat Social Engineering Scams and APP Fraud

According to a recent report by the UK Finance organization, in 2019 UK Finance members reported 168,376 incidents of Authorised Push Payment (APP) scams over web and mobile channels with gross losses of £379.1 million. This is a 19% increase for web and a 261% increase for mobile from 2018.

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White Paper

Behavioural Biometrics in a PSD2 World

The financial services industry is in the midst of sweeping change. Earlier this year, we saw one of the latest shifts with the introduction of the European Union’s revised Payment Services Directive (PSD2).

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Data Sheet

Something You Have vs. Something You Are: The Difference Between Device Recognition and Behavioral Biometrics

The ongoing cat-and-mouse game between fraudsters and security experts has generated a variety of methods to prevent identity theft and ease the authentication process. Behavioral biometrics upends the paradigm, profiling and analyzing user behavior as opposed to what they have or what they know. These are the main differences between device recognition methods (something you have) and behavioral biometrics (something you are).

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Data Sheet

BioCatch Analyst Station

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.

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Data Sheet

Behavioral Biometrics in a P2P World

In recent years, Peer to Peer payments have shown a significant increase, passing the $120 billion mark (2017). Currently, one in three American consumers uses P2P apps to make instant payments to friends, relatives, service providers, or anyone they owe money. Since P2P account opening does not require identity verification, it is vulnerable to various types of fraud and threats including malware, social engineering, remote access, SIM swapping, call forwarding and other techniques. Using these techniques, the fraudsters are able to exploit two main points of failure:

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Case Study

A Top-5 U.S. Bank Detects TrickBot Malware Attacks with BioCatch’s Behavioral Biometrics Solution

Malware infections and Remote Access Trojan (RAT) attacks are on the rise, enabling cyber criminals to take over accounts from afar and automate fraud. Despite traditional fraud detection measures and cybersecurity safeguards, malware and RAT attacks remain prevalent. Undetected malware attacks can result in direct losses to account holders and have a long-term detrimental effect on business and customer confidence.

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Data Sheet

Behavioural Biometrics in a PSD2 World

Two major implications of PSD2 are Access to Account and Strong Customer Authentication. PSD2 also requires TPPs to meet strict criteria and maintain very low fraud rates in order to stay active in the marketplace. In many ways, these requirements upend the financial ecosystem by holding various players responsible for different aspects of the payment process. This makes it difficult for all parties involved to prevent fraud and at the same time provide customers with a positive user experience.

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White Paper

From Login to Logout: Continuous Authentication with Behavioral Biometrics

In recent years, a growing number of organizations have employed two-factor authentication (2FA) as a primary safeguard mechanism. They all share the notion that requiring a second security layer will be instrumental in reducing data breaches and identity theft. Two-factor authentication is based on the fundamental assumption that at least two out of three authentication factors are used in the process (“something you know, something you have, something you are”). 2FA is not a new security measure, nevertheless, it is in extensive use, despite the growing recognition that it is not so effective.

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White Paper

The Role of Applicant Behavior in Identity Proofing

As account opening continues to transition from physical to digital channels, financial institutions, issuers, lenders, and other organizations must optimize the digital experience of applicants in order to compete. At the same time, fraud is on the rise as criminals have become more successful than ever, thanks to some of the same digital channel benefits enjoyed by consumers: convenience, speed, and ease of use. To achieve the necessary balance between preventing fraud and providing a delightful experience for consumers, an approach to identity proofing that accounts for the channel, product, customer, and threat environment is absolutely critical. But regardless of the approach, inconspicuous solutions — like those based on applicant behavior — have a distinct role to play in how institutions manage the risk of application fraud.

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Data Sheet

Mitigating the Risk of Insurance Fraud with Behavioral Biometrics

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.

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Data Sheet

Behavioral Biometrics for Mobile Payments

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.

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White Paper

Preventing Fraud in the Mobile Era | White Paper | BioCatch

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.

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