Traditional Fraud Detection Solutions Are Failing
Typical fraud detection solutions, such as device recognition, proxy detection and IP geo-location, are easy for fraudsters to circumvent. With malware infections and Remote Access Tool (RAT) attacks on the rise, cyber criminals are able to take over accounts and automate fraud despite traditional fraud detection measures. Using social engineering and technical subterfuge, fraudsters gain access to victims’ machines and steal credentials, trick users, intercept consumers online, or monitor and intercept consumer activity.
Today’s fraudsters are also patient and willing to leverage any opening to infect or attack. Savvy cybercriminals wait until after a user authenticates themselves and is logged in to commit fraud, bypassing traditional fraud prevention tools. By triggering malware well after it has been installed, a fraudster’s work can go undetected for an average of 170 days.
Fraud Detection for the Most Severe Cyberthreats
BioCatch’s Threat Detection Module offers a new level of fraud detection and prevention against malware, bots, aggregator and other Remote Access Trojans. Each of these forms of attack behave differently than a human being would, meaning they exhibit their own unique behavioral patterns that BioCatch’s fraud detection technology can identify. Many of today's RATs are human as well, using social engineering to take over sessions by tricking victims into logging into their own accounts. BioCatch’s patented technology analyzes hundreds of human and non-human behavioral parameters every second to detect behavioral anomalies in a session and prevent advanced fraud tactics in real-time.
Here’s how our fraud detection technology works:
Create the User Profile: The BioCatch system collects and analyzes over 500 traits including hand-eye coordination, pressure, hand tremors, navigation, scrolling and other finger movements, etc. To create the user profile, the system detects the parameters that are most strongly associated with the user meaning that, for those parameters, the user does not behave like the rest of the population. Each person’s profile is made up of different unique parameters and can be linked across devices.
Generate Invisible Challenges™: Subtle tests are injected into an online session to elicit responses. Since the user is unaware of the invisible challenge, there is no way for a human or bot to mimic or predict the response.
Produce Actionable Risk Score: The system looks for different kinds of fraudulent activity – criminal behavior, malware, bots, RATs, aggregators, etc. – and analyzes the behavior in a session to compare against the user’s behavioral profile. A high risk score generates an alert in real-time.
Watch How BioCatch Prevents Account Takeovers
As financial institutions, the insurance industry, e-commerce websites and others move more of their services into the digital space, new solutions are needed to detect and prevent against the latest forms of online fraud. BioCatch’s fraud detection technology integrates into an organization’s applications to reduce fraud and the enormous financial and reputational repercussions it incurs. By using behavioral biometrics, our technology offers a comprehensive, proactive and reliable solution for fraud detection.
Benefits of Fraud Detection Technology
Behavioral biometrics can identify RAT in the Browser, RAT in the Mobile, Social Engineering, Man in the Browser and Man in the App attacks, robotic and aggregator activity as well as malware manipulating data and spoofing attacks.
BioCatch uses machine learning to model behaviors and detect a genuine user from a fake one in real-time. Quickly identifying anomalies and characteristics indicative of fraud, BioCatch sends company’s actionable alerts to detect fraud.
BioCatch identifies the sluggish responses common with network latency, overshoots and the delayed corrections characteristic of remote access attacks. BioCatch’s ability to detect RATs was confirmed by MRG Eighties, a UK-based, independent IT security research organization.