biocatch blog

BioCatch is a digital identity company that delivers behavioral biometrics, analyzing human-device interactions
to protect users and data. See how our customers employ our cloud-based solution to proactively collect and
analyze more than 2000 behavioral parameters to authenticate users and identify cybersecurity threats.

Solving for New Account Fraud: Today's Most Expensive Form of Identity Fraud [Infographic]

Nov. 25, 2019 | Fraud, Authentication, Identity Proofing | by BioCatch

New account fraud is one of the largest and most dangerous threats that businesses face when processing transactions online. According to an analyst from Javelin Strategy & Research, it’s the “most expensive form of identity fraud for businesses and consumers alike.”

In 2018 alone, new account fraud caused $3.4 billion in losses, an increase over previous years. The steady leak of personally identifiable information (PII) is largely responsible for the upward trend. The amount of PII exposed in data breaches — such as social security numbers, emails, addresses, phone numbers and device and network attribute — grew by 126 percent between 2017-2018. Hackers use the information to forge stolen identities and open fraudulent new accounts.

Why is new account fraud spiraling out of control? Because you can’t teach an old dog new tricks. 

Out with the Old

Traditional methods for fraud detection and the safeguarding of digital identities are outdated and lacking. Advanced fraudsters are constantly finding new ways to steal identities or create synthetic ones, handedly sliding past these systems of defense.

Today’s detection tools also cause friction in the account opening process. And as any organization knows, friction is the number one reason customers will walk away from doing business with your brand. Online transactions should be seamless, not full of frustrating roadblocks to opening an account.

In with the New

The missing piece to the puzzle is behavioral biometrics. Powered by artificial intelligence and machine learning, behavioral biometrics works behind the scenes to monitor a user’s online behavior. By analyzing thousands of behavioral patterns specific to how a user acts during an online session, the technology can verify that the individual opening an online account is legitimate, and not a fraudster. Users are kept secure without having to take additional steps. It’s a seamless process.


In this infographic, we highlight the most alarming new account fraud trends and statistics, explain why traditional fraud detection methods fall short and examine how BioCatch’s behavioral biometrics technology closes the gaps.

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4 Tactics Fraudsters Use to Defeat Device ID

Oct. 25, 2018 | Cybersecurity, Identity Proofing, Continuous Authentication | by BioCatch

Device ID was one of the first methods organizations used to prevent fraud and authenticate users. It’s still in widespread use, but device authentication isn’t nearly as strong an identity solution as many think.

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What Is Digital Identity? Building Trust in Our Digital World

Aug. 6, 2018 | Identity Proofing | by BioCatch

It’s incredibly easy to pretend to be someone you’re not online.

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How to Verify Identity Online: 6 Steps for an Identity Proofing Strategy

Jul. 6, 2018 | Authentication, Identity Proofing, Continuous Authentication | by BioCatch

Traditional online identity verification solutions are failing to stand up to today’s fraudsters. In 2016, more than 25% of identity theft fraud involved the use of stolen information to open new accounts.

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Why Device ID Is Not Identity

May. 24, 2018 | Authentication, Identity Proofing | by BioCatch

Businesses regularly use device identity for fraud prevention and to authenticate users. Browsing the web on your cell phone? These solutions collect information on your mobile provider, phone model, internet connection and other data to link your unique device back to you.

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Managing the Risk of Application Fraud with Behavior-Based Identity Proofing

May. 16, 2018 | Behavioral Biometrics, Identity Proofing, Continuous Authentication | by BioCatch

Our security walls aren’t as high as we think they are. There are holes, and cybercriminals know how to slip through them, undetected. Application fraud has become a number one problem for companies across all verticals. In 2016, more than 25% of identity theft fraud involved the use of stolen information to open new accounts.

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