As the Coronavirus outbreak spreads globally, users are beginning to change their digital behaviors. BioCatch collects data to protect a large number of online users with behavioral biometrics, and has been observing some interesting trends across many geographies. One emerging trend, not surprisingly, is an increase in the use of Remote Access.
As COVID-19 continues to impact the global community, I would like to update you on the steps BioCatch has taken to ensure business continuity for all our customers around the world during this period of uncertainty. The health and safety of our employees, customers, and partners will always be our top priority. BioCatch has now entered into full disaster recovery mode. I have instructed all employees to work remotely and exercise social distancing. They will leverage technology and conduct internal and external meetings virtually until the situation becomes clearer. As a global company, all of our employees are fully versed in working remotely across multiple time zones. Thus we will maintain the operational standards and the high-quality customer service you have come to expect.
In our first blog on Money20/20 USA , I reviewed the key messages and challenges presented in Las Vegas and explained key risks to digital identity. These risks that must be solved to enable the future of money are the security challenges surrounding digital transformation and the rise of the synthetic identity problem. My question for today is: What can service providers, vendors and financial institutions do about it? Three key themes were consistent across several sessions I attended.
As the insurance industry continues to digitize, companies are facing new threats from cybercriminals looking to make a profit by stealing insurance benefits or entitlements. Insurance fraud adds up to $40 billion in losses per year, costing the average American family $400-$700 in increased premiums, the FBI reports.
The sharp increase makes it clear that traditional methods of insurance fraud prevention are no longer effective. Passwords and two-factor authentication are unable to stop criminals, who are submitting fraudulent applications by using stolen or synthetic identities, taking over legitimate accounts to make false claims, or changing payee information to divert insurance funds.
We now live in the age of cybercrime, and insurance companies need authentication and detection solutions that can spot and stop fraud in real-time.
Social engineering scams have been around for years, and have been mostly used for phishing and vishing (compromising user credentials). But cybercriminals have taken phone-based scams to a new level of sophistication — and it’s paying off.
Companies have their eyes set on delivering marketing-leading digital experiences, but one major obstacle remains in the way — authentication.
