Mule Account Detection Solution Sees Rapid Adoption, Annual Recurring Revenue Grows at More than 40%, and Customer Roster Crosses the 100 mark as Leading Global Banks Adopt Behavioral Biometric Intelligence to Detect and Stop Emerging Fraudster Strategies
NEW YORK, NEW YORK and TEL AVIV, ISRAEL (January 17, 2023) – BioCatch, the pioneer of behavioral biometric intelligence and a global leader in fraud detection, today announced strong revenue growth, global expansion, and technology innovations in 2022. As the company’s most successful in its 12-year history, 2022 celebrated annual recurring revenue (ARR) growth of more than 40%, while delivering innovations for the detection of new and emerging fraud vectors, behaviorally complex scam attacks, and advanced anti-money laundering evasion techniques.
In 2022, BioCatch added more than 40 new customers to its internationally renowned roster, including foundational accounts in India and the Caribbean – expanding BioCatch’s global footprint to 22 countries and protecting more than a quarter billion people from fraud. These new customers, along with existing customers, rapidly expanded BioCatch solutions across web and mobile channels, enhancing mobile and device capabilities with a focus on protecting customers wherever and however they choose to transact. At the close of 2022, more than 40% of BioCatch customers now employ its mobile solutions, protecting consumers at home and on the go. Likewise, BioCatch’s Mule Account Detection solution, launched in Q4 2021, proved to be an important new AML control for the commercial and retail banking industry. BioCatch customers who have adopted the new AML control are detecting and preventing risky mule accounts at a rate of more than 90% before transactions can be made.
BioCatch 2022 Accomplishments by the Numbers:
- Welcomed over 100 of the leading global banks as customers
- Protected over 5.4 billion user sessions each month
- Detected over $1.5 billion of fraud proactively with behavioral insights
- Saved banks nearly $1 billion in potential new account fraud
- Maintained high customer satisfaction and an NPS score of 67
- Expanded omnichannel footprint across web and mobile channels with a focus on protecting customers at each touchpoint
- Empowered over 25 regional banking customers to leverage behavior to protect their customers through partnership with Alkami Technology
- Announced new partnerships with Lumin Digital in the United States and Indue in Australia to provide more financial institutions with breakthrough fraud solutions
- Grew the global team by more than 10% and saw rapid expansion in Asia-Pacific in response to customer demand
- Hired Jonathan Daly as Chief Marketing Officer to drive revenue growth and the global brand
- Secured 16 new patents across the U.S., U.K, France, and rest of Europe, with 11 patents pending globally
- Launched inaugural BioCatch Connect events in London, Santiago, and New York; cultivating meaningful relationships and knowledge sharing among BioCatch customers
- Introduced the BioCatch Fraud Fighters clubs in 4 regions, bringing together the brightest minds in the industry to discuss regional trends and solutions
- Detected over 150,000 cases of APP fraud globally, protecting vulnerable users as scams continued to explode
- Named Inc 5000 company for the second consecutive year
In January of 2022, BioCatch continued to develop, promote, and recruit top-tier global talent. The company promoted Eyran Blumberg to COO following the promotion of Gadi Mazor to CEO in 2021. Industry leader, Jonathan Daly, was brought on as Chief Marketing Officer to accelerate growth in the revenue organization. In 2022, the company expanded its presence significantly in Asia-Pacific in response to 60% customer growth in the region. Globally, BioCatch grew the workforce more than 10%. Today, BioCatchers can be found in 16 countries and across 14 time zones.
“Our accomplishments in 2022 were the result of masterful, coordinated, company-wide execution,” said Gadi Mazor, CEO at BioCatch. “The fraud landscape is morphing rapidly, putting humans at the center of criminal strategies. As such, behavioral biometrics can no longer be a data signal considered as part of a larger fraud detection strategy. Rather, forward thinking institutions are pivoting to counteract fraudster innovation and are embracing behavioral intelligence to protect their customers against cybercrime. I’m proud of our team’s continued energy, enthusiasm, and passion to serve our customers and the anti-fraud community at-large and excited about the year ahead.”
Authorized push payment fraud (APP) dominated the fraud landscape in 2022. In North America scam attacks rose significantly, and in Europe and Latin America social engineering scams represented the greatest portion of fraud. Globally, BioCatch detected more than 150 thousand social engineering attacks last year. To better support consumers, BioCatch developed and published industry thought leadership focused on APP fraud and evolving scams reimbursement models.
“Our innovative solutions analyze a person’s physical and cognitive digital behavior to distinguish between genuine users and cybercriminals. This empowers our customers to detect fraud and identify malicious intent while ensuring bank customers have seamless digital experience,” said Eyran Blumberg, COO at BioCatch. “Our high NPS scores speak to our close partnership with the financial institutions we serve and motivate us to continue innovating as we will with a focus on AML in 2023 for example. This is an exciting period of rapid innovation for the team as we accelerate the company’s revenue and geographic growth.
BioCatch is the leader in Behavioral Biometrics and advanced fraud detection, leveraging technology built upon 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.