Lower Insurance Fraud
There are many faces of fraud in the insurance market – using stolen identities to obtain a new policy – or just as troubling, an account takeover to make a false claim or change payee information to receive claim funds. And when fraud hits, it hurts everyone in the pool.
So as more and more functions move to the digital channel, addressing this risk – which is estimated to cost $40B a year, not including health care fraud, according to the FBI – is key to doing business online and providing good customer service.
The BioCatch solution is uniquely suited to address these challenges, providing passive, continuous authentication for mobile and web users. As insurance companies push different functionalities and capabilities to the digital channel, integrating BioCatch on the platform can provide extensive benefits both from a fraud reduction perspective and a user experience perspective.
Why Choose BioCatch?
- Deep, ingrained domain expertise. With deployments at major banks around the world, we monitor more than 6 billion transactions per month. This give us real insight into fraud trends and challenges that financial institutions face today.
- Unparalleled patent portfolio. BioCatch’s 2000+ behavioral profiling metrics authenticate users without disrupting the user experience. The broad patent portfolio drives differentiation and technological leadership in dealing with today’s challenging cybersecurity environment.
- Dynamic, enterprise-grade solution. The BioCatch solution addresses a full range of human as well as non-human (RAT, malware, aggregator, robotic activity) cybersecurity threats to keep ahead of the fraudsters and change the rules of the game.
Prevent the use of stolen or synthetic identities in the application process through the use of advanced capabilities, like understanding navigational fluency, application fluency and data familiarity, even when no user profile exists.
Detect social engineering, bot activity, targeted malware, spoofing, and other fraudulent behaviors before the damage is done by modeling different types of genuine and malicious behavior and enabling real-time action.