Resource Center

White Paper

Success with Digital Transformation: Confidence Through Compliance

The payments industry has always been fast-moving, with constantly evolving technology, ever-present competition and limited resources. With the added burden of a global pandemic, resulting in increasing cybercrime and fraud and ever-tighter regulatory and political pressures, businesses must achieve resilience while maintaining the near frictionless and trusted digital experiences that customers have come to expect.  This white paper examines the three dimensions of digital transformation that businesses must address in light of regulations such as PSD2 - compliance, cybercrime and customer experience - and how to develop future proof business capabilities beyond customer authentication.

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Webinar

Staying ahead of Fraudsters: Cloud vs On-premise Ecosystems

Join our webinar to learn more about how cloud-based solutions are shaking up the fraud fight, including:

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White Paper

The Art of Social Engineering: How to Use Digital Behavior to Uncover Real-Time Scams

At the heart of every cyberattack is an element of social engineering. From more common attacks, such as phishing, to more sophisticated attacks, such as authorized push payments and voice scams, cybercriminals have impersonation of our most-trusted institutions down to a science.  This e-book explores how behavioral insights provide a significant new opportunity for detecting scams and how financial institutions were able to reduce social engineering fraud without impacting the customer experience.

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Data Sheet

BioCatch Inherence for Strong Customer Authentication

With constantly evolving technology, ever-present competition and limited resources, the payments industry has always been fast-moving. With the added burden of a global pandemic, resulting in increasing cybercrime and fraud and ever-tighter regulatory and political pressures, businesses must achieve resilience whilst maintaining the near frictionless and trusted digital experiences that customers have come to expect.

Whilst regulations, such as PSD2, try to preserve the integrity of the ecosystem by reducing fraud, regulators always grapple with long regulatory cycles. Fraudsters, unlike legitimate businesses, are not affected by these cycles, and global events, such as a pandemic, are conducive to criminal purposes. As criminals remain several steps ahead of regulations, consumers adopt new technologies, share more and more data, demand safety and expect their trust not to be broken.

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Case Study

Top 5 UK Bank Saves £500K per Month in Fraud Losses by Preventing Social Engineering Voice Scams Using Behavioral Insights

A top 5 UK bank experienced a growing increase in social engineering voice scams, also known as Authorised Push Payment (APP) fraud, despite heavy investment in both technology and talent. Making up a large portion of their monthly fraud losses, social engineering voice scams were costing the bank hundreds of thousands of pounds per month and damaging customer confidence and trust.

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Case Study

Top U.S. Credit Union Disrupts Cybercrime Network and Realizes 95% Reduction in Residual Zelle Fraud Losses in Two Months

Zelle payment fraud is one of the fastest growing areas of account takeover (ATO) in the U.S. banking sector.  A large U.S. credit union found its members were being targeted by a sophisticated cybercrime gang and saw Zelle fraud spike significantly. Find out how they implemented behavioral biometrics to achieve best-in-class fraud reduction for Zelle payments and improve customer experience for members.

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White Paper

How to Create a Payment Fraud Strategy at the Organizational Level

Digital channel adoption is soaring, yet fraud remains a persistent problem that continues to chip away at the bottom line. Developing an effective fraud management strategy remains a challenge as stakeholders across the business often have conflicting priorities of how fraud should be managed at the organizational level. Achieving cross-functional alignment is imperative to improve both customer experience and profitability in digital channels.

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Webinar

How to Lock Cybercriminals Out of Mobile Banking

Mobile banking saw extraordinary growth last year with a 200% increase in registrations and one in three consumers now reporting the mobile channel as the primary method they use to access their bank account. As financial institutions look to grow revenue and meet customers where they bank, it is no surprise to see cybercriminals doing the same.

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Webinar

New Account, Who This? The Role of Digital Behavior in Fraud Detection

With virtually all business getting done in the virtual world, giving new customers a personal experience from the outset can be challenging. How do you make sure you’re beginning on a mutual footing of trust, security, and high customer satisfaction?

Register now to join David Koscheski, Director, US Financial Services Industry, Microsoft and Ayelet Biger-Levin, CISSP, VP Market Strategy at BioCatch for a discussion of the challenges and solutions to creating a welcoming and secure atmosphere to foster healthy new customer relationships. You’ll find out their latest actionable strategies for:

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Data Sheet

Behavioral Biometrics for Mobile

In an age where the use of smart phones has skyrocketed and consumers require convenience more than ever, financial institutions continue to invest in mobile banking. In fact, the Federal Reserve recently predicted that ~96% of US financial institutions will offer mobile banking by 2021. With nearly 2 billion mobile banking users worldwide, organizations see this as a perfect opportunity to improve customer satisfaction and in turn increase acquisition and retention.

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Data Sheet

BioCatch Account Opening Protection

Financial institutions are increasingly investing in digital channels to meet customers where they are, offering more functionality, products, and services online than ever before. Going beyond everyday banking functionality, 82% of financial institutions offer the ability to open a checking account online1. While this digital shift introduces a tremendous opportunity for organizations to acquire more customers, cybercriminals threaten new revenue by capitalizing on weaknesses in the account opening process.

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Data Sheet

BioCatch Account Takeover Protection

Account Takeover attacks are on the rise as cybercriminals continue to develop new methods and tools to take over accounts from afar and automate fraud. Despite the widespread adoption of traditional protection solutions, such as those that rely on two-factor authentication and device ID, fraud continues to occur in fully authenticated sessions. Malware, Remote Access Tool attacks, sophisticated social engineering scams, and other creative account takeover methods have proven to successfully bypass common cybersecurity safeguards, costing financial institutions millions of dollars per year and damaging customer confidence.

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Webinar

New Account, Who This: The Role of Digital Behavior in Fraud Detection

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.

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White Paper

Lock Cybercriminals Out of Mobile Banking

As mobile devices eclipse computers and laptops as the preferred method for consuming online services, cybercriminals have followed users, porting their modus operandi. While mobile has opened up new ways for users to communicate and connect without being tied to a desk or a power outlet, it has also presented criminals with more opportunities to perpetrate fraud and carry out attacks that bypass traditional detection tools. As a result, companies need to apply new fraud controls to protect mobile users and enable them to carry out banking activities securely. Nevertheless, end user experience cannot be negatively impacted by these security measures: Users want to open and use apps freely, without being required to take additional authentication steps. They also expect to be protected continuously, throughout their entire journey.

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Case Study

Top LATAM Bank Drastically Increases Fraud Prevention and Reduces False Positives by 66% with Behavioral Biometrics

A large bank in Latin America was facing significant fraud losses from account takeover attacks. While the bank had implemented a transaction monitoring solution and fraud controls to minimize risk, the system was only preventing less than half of their fraud.

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White Paper

KuppingerCole Executive View on BioCatch

Digital services continue to present cybercriminals with a lucrative target of opportunity.  BioCatch research shows that, since the beginning of the Covid-19 pandemic, fraud attempts have surged globally. Account opening fraud attempts have increased 33 percent and account takeover attacks have spiked 47 percent. As attacks get more sophisticated and pervasive, the solutions required to combat them must provide deeper visibility to better detect malicious behavior in online sessions. 

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Case Study

A Top 5 UK Bank Prevents Account Opening Fraud and Saves £800,000 in First Three Months

A top UK bank launched a new promotional offering as part of the account opening process that piqued the interest of cybercriminals. To prevent fraudsters from successfully navigating the application journey and cashing out on promotion offerings, the bank implemented BioCatch Account Opening protection. As a result, the bank managed to satisfy both business and risk objectives by automatically declining fraudulent applications and safely acquiring more customers.

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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

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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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

Rule Manager

The BioCatch Rule Manager empowers organizations to mitigate risk in real time, improve customer experience, and simplify back-end fraud operations by providing the ability to configure actions based on risk level. 

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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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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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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 provides fraud analysts with the visibility they need in order to easily identify, investigate, and act upon potentially fraudulent activity in user accounts.

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