In 2017, a record-breaking 16.7 million consumers experienced fraud or identity theft. And fraud rates are only continuing to rise, according to the latest Javelin report, 2018 Identity Fraud: Fraud Enters a New Era of Complexity. In particular, account takeover attacks, one of the biggest sources of fraud for businesses, saw exponential upward growth. Last year, instances of account takeover fraud hit a record high, nearly tripling over 12 months.
Digital Journal recently highlighted how BioCatch behavioral biometrics are allowing insurance companies to undergo digital transformation with less risk to their business and customers. The article cited our recent white paper, Digital Transformation in the Insurance Sector, reiterating the challenges insurance companies face as they look to offer enhanced digital capabilities.
BioCatch took the stage at the 2018 OurCrowd Global Investor Summit, the largest investor event in Israel, to showcase our behavioral biometrics technology alongside the hottest tech companies coming out of StartUp Nation.
Behavioral biometrics and machine learning are fundamentally changing the world of authentication — for the better. Whether used for preventing account takeover fraud, identity proofing, or risk-based authentication in payment apps, together they are overcoming the shortcomings of the traditional authentication process.
Financial service organizations in New York are fast approaching the one-year mark of the implementation of the NYDFS Cybersecurity Regulation. The first deadlines hit in 2017, and firms were given a one-year transition period. By February 15th, CISOs must file their first certification report and by March 1st firms have to be in compliance with five more sections of 23 NYCRR Part 500.
A CFO at a cybersecurity startup receives an urgent email from his CEO, who happened to be on a business trip at the time. “David, we need to transfer $40,000 to X this morning to lock in a discount price from this supplier. The bank details are below. I will be in a meeting so please confirm with me by email it was done. Thank you.” The CEO returns to the office later that day and the CFO proudly tells him that the transaction has been completed.