BCU will use behavioral biometrics, via the Lumin Digital network, to increase customer protection against cyber threats
NEW YORK, NY November 16, 2022 – Baxter Credit Union (BCU), a purpose-driven organization that empowers people to discover financial freedom, today announced a partnership with BioCatch, the pioneer of behavioral biometrics and a global leader in fraud detection. As part of their partnership with Lumin Digital (Lumin) network, BCU is leveraging BioCatch’s next-generation fraud detection and prevention solutions powered by native behavioral biometrics to protect their members from rapidly emerging cybercrimes and current fraudulent threats.
“When we look at today’s threat landscape, cybercriminals are attacking financial institutions at rates we’ve never seen before,” said Mike Keating, BioCatch Chief Revenue Officer. “These tactics take many forms, but they seek to undermine and disrupt essential financial services on a global scale. We’re proud to partner with BCU, a bedrock institution in the financial community, and support their mission by eliminating threats in real-time, and ultimately, allowing them to do what they do best – offering the best banking experiences in the industry.”
BioCatch analyzes a user’s physical and cognitive digital behavior to distinguish between genuine users and cybercriminals to detect fraud and identity theft while improving customer experience. BioCatch’s behavioral biometric technology continuously monitors for risk throughout every online session, analyzing actions like mouse movements, typing cadence, or interaction with the screen. Leveraging machine learning to deliver a risk score, BioCatch identifies and alerts the financial institution about genuine or fraudulent behavior and ensures customers are provided with a secure and seamless digital experience.
“BCU empowers financial freedom by keeping the member top of mind in everything we do,” said Stacy Bausch, Sr. Director of the Account Protection Team at BCU. “To achieve our purpose, it’s imperative that we protect members’ hard-earned money. This partnership with BioCatch via Lumin gives us the tools we need to stop attacks in real-time and ensure our members and employees can work together in a safe and secure system.”
Last month, Lumin announced that its rapidly growing network of financial institutions would have full access to BioCatch’s solutions for fraud prevention. This adoption by BCU is the first completed by a Lumin client, including services to defend against account takeover attacks, social engineering schemes, payment fraud, and more.
“We are always looking for new ways to protect our customers’ users’ financial futures, and we’re glad to have found a partner in BioCatch,” said Sean Weadock, Lumin Digital’s Chief Product Officer. “This partnership provides BCU with the latest technologies needed to protect their members from harm without disruption. With BioCatch’s solutions, we can continue providing BCU’s users with a safe and secure online experience that aligns with our commitment to protecting consumers without also increasing friction.”
BCU is a purpose-driven organization that empowers people to discover financial freedom. With $5B in assets, it’s also one of the fastest-growing Credit Unions in the last four decades. Both not-for-profit and member-owned, the Credit Union is driven by the commitment to provide extraordinary service for over 300,000 members across the US and Puerto Rico. BCU members enjoy access to financial services and well-being programming that inspire confidence through the brand promise Here Today For Your Tomorrow. Lifetime membership is offered to employees and families of America’s best workplaces and those living or working in Chicago-area communities. To learn more, visit www.BCU.org
About Lumin Digital
Lumin Digital is a PSCU-majority-owned fintech company specializing in digital banking solutions. Through a fundamentally different approach to technology, service, and people, we’re creating the next generation of financial solutions each and every day. Lumin helps credit unions and financial institutions build and deploy next-gen digital experiences that help to continually serve, engage, and grow their membership base. While other platforms are partially adapted or retrofitted for the cloud, Lumin is 100% cloud-native. It was built specifically for the cloud environment, allowing us to more fully realize the advantages it offers. It’s a difference that financial institutions and their users will see and feel almost immediately. For more information, visit lumindigital.com.
BioCatch is the leader in Behavioral Biometrics, a technology that leverages machine learning to analyze an online user’s physical and cognitive digital behavior to protect individuals online. BioCatch’s mission is to unlock the power of behavior and deliver actionable insights to create a digital world where identity, trust and ease seamlessly co-exist. Today, BioCatch counts over 25 of the top 100 global banks as customers who use BioCatch solutions to fight fraud, drive digital transformation and accelerate business growth. BioCatch’s Client Innovation Board, an industry-led initiative including American Express, Barclays, Citi Ventures, and National Australia Bank, helps enable BioCatch to identify creative and cutting-edge ways to leverage the unique attributes of behavior for fraud prevention. With over a decade of analyzing data, more than 80 registered patents, and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems. For more information, please visit www.biocatch.com.