This past January, Acuity Market Intelligence released its 2017 Ten Top Trends for Biometrics and Digital Identity. Ranking at the top of the list was the prediction that behavioral biometrics would go mainstream in the new year.
At BioCatch, we saw this become reality as more companies came to recognize the significant benefits the technology can offer. It’s also been a year of growth for us as a company, with our capabilities expanding in several key areas. Looking back, it’s turned out to be a banner year by every measure. Here’s what happened in the fight against fraud and the movement toward frictionless user experiences.
Pioneering Use Cases for Behavioral Biometrics
BioCatch pioneered the use of behavioral biometrics to prevent account takeover by analyzing human-device interactions inside a session after log-in. By monitoring user behavior, our technology can distinguish a legitimate user from an imposter, be it another human or a non-human actor, like a bot or malware.
Because 100% of fraud comes from authenticated sessions, this ability distinguishes BioCatch from the pack. But in 2017, we went further into tackling one of the greatest challenges of our time, preventing application fraud. With 9 billion records stolen since 2013, all personally identifiable information (PII) is rendered public. BioCatch fills the need for an added layer of authentication, which is not based on information that can be replicated or stolen, to prevent the use of stolen or synthetic identities in online applications.
Growing Our Patent Portfolio
This year, we continued our culture and passion for advancing the capabilities of behavioral biometrics with a 35% increase in our patent portfolio. BioCatch ends the year with 54 patents that are granted or pending, cementing our position as the industry innovator in the behavioral biometrics space.
Our broad patent portfolio differentiates us from other market players, not just in numbers, but in the ability to collect and analyze a vast array of parameters — now more than 2,000 from mobile devices, including Invisible Challenges™. This translates into higher accuracy and adaptability to the ever-changing cybersecurity landscape.
Expanding Our Customer Base and Key Partnerships
BioCatch expanded its presence in key geographies this past year. The number of transactions using our behavioral biometrics technology increased to more than 5 billion per month, covering nearly 60 million users across our client base. In addition, we announced key partnerships with marquee players, including Nuance, Experian, LexisNexis and Samsung SDS.
These new partnerships make it easier for financial institutions and other organizations to adopt behavioral biometrics and optimize its use within their workflows. Check out a demo of BioCatch technology at work in a P2P payment application.We could not be more excited about all that took place in 2017. And we have strong tailwinds pushing us into the next year. In November, Tech Stock Insider recognized us as a company that could transform the authentication market in 2018. We thank you for joining us on this journey and take this opportunity to wish you, our extended BioCatch family, a very joyous holiday season and a successful and prosperous New Year.