Optimize and secure the customer journey
Customers with early access to BioCatch ConnectTM and its next-generation models have recognized significant return over legacy online fraud detection platforms including:
- 1500% improvement in fraudulent account detection.
- 80% reduction in transaction related fraud rates.
- 40% in improvement in customer experience.
- 30% reduction in false positive rates.
- 30% improvement in fraud team efficiency and throughput.
- 28% faster user account verification.
- 15% improvement in scam detection.
- 10x more behavioral indicators and pattern models.
The value of choosing BioCatch
Reduction in customers friction
Reduction in false positives
Improvement in fraud detection
Proactive customer communication to stop fraud
In relation to scam identification and money laundering account detection, BioCatch ConnectTM customer-design partners are recognizing new levels of pre-crime logistic visibility in support of proactive customer communication and interdiction of fund transfers to known criminal accounts.
Specifically, customers have realized the ability to:
- Recognize 98% of active mule accounts in advance of existing system alerts.
- Detect 96% of existing mule accounts.
- Identify 70% of newly created accounts as mules before the first incoming transfer.
Protect identities and assets from scammers
“We’ve worked with BioCatch to introduce biometrics capabilities into our digital channels to help us better detect potential fraudulent activity in real-time. This technology is playing a really important role in helping us detect and intercept things like remote access scams by detecting unusual or inconsistent behavior on a customers’ account. These initiatives are having a positive outcome for our customers; for example we’re seeing around $290,000 worth of payments abandoned daily thanks to our payments prompts initiative.”
National Australia Bank’s (NAB)
Executive Group Investigations and Fraud
Together, we fight fraud
We believe that the applications for behavioral data are broad, powerful and unique, and we are constantly innovating to solve new and emerging challenges. Behavior is the only true signal of human intent, and the only signal capable of providing actionable intelligence throughout the entire digital customer journey – from customer onboarding through to login and post-login flows.
If you understand the human-side of the customer, and celebrate what makes them unique, you can protect them from even the most sophisticated kinds of fraud. More than 100 of the world’s largest banks, fintechs and telcos agree, including Banorte and TeamBank.