NEW YORK, NY October 19, 2022— BioCatch, the global leader in fraud detection and pioneer of behavioral biometrics, today unveiled its Phishing Site Detection with Phishing Victim Reports, a new solution built to detect phishing site attacks directed at financial institutions. These solutions arrive as phishing levels reach all-time highs, with the financial services industry hit the hardest in recent years. In Q1 of 2022 the financial sector was most frequently victimized by phishing, representing 23.6% of all attacks. In 2021 alone, consumers lost $43 billion through robocall and phishing-based fraud, with the average victim losing $1,100.
BioCatch is pleased to be addressing the massive phishing problem and announcing their new solution during cybersecurity awareness month. Cybersecurity Awareness Month started in 2004 as in initiative led by the Cybersecurity and Infrastructure Security Agency (CISA) and the National Cybersecurity Alliance (NCA) lead a collaborative effort between government and industry to raise cybersecurity awareness nationally and internationally. This year one of the key pillars is educating the public on identifying and avoiding phishing scams as phishing calls, texts, and websites have become a pandemic in today’s digital age.
Today’s phishing attacks are a gateway to a larger fraud lifecycle. Phishing websites have nearly identical domain names and appearances as official websites, enabling them to appear as legitimate and lure individuals into sharing sensitive information such as login details, credit card numbers or passwords. Once obtained, fraudsters use such data to conduct social engineering schemes, payment fraud, and SIM swaps. Understanding the need for more proactive protections, BioCatch has unveiled Phishing Site Detection with Victim Reports to enable financial institutions to identify phishing attacks against their customers in real-time and notify customers whose personal information is compromised to mitigate fraud.
“While it’s not new, phishing is now ground zero for global financial scams. Successful phishing campaigns not only rob consumers of billions of dollars, but they also threaten the integrity of today’s banking industry,” said Ayelet Eliezer, BioCatch’s SVP of Product. “Phishing is often the key that unlocks more sophisticated fraud, so shutting down imposter sites as quickly as possible is critical to reduce further fraud. BioCatch’s Phishing Site Detection with Victim Reports will help stem the tide of digital scams by giving financial institutions the real-time intel needed to protect customers’ personal data and money before attackers can cause catastrophic damage.”
BioCatch’s Phishing Site Detection solution generates real-time alerts on new lookalike phishing sites, enabling financial institutions to act quickly and shut down the sites before they can scam more customers. The Victim Reports provide details of user accounts that are at potential high risk because the account holder entered their personal information into a lookalike phishing site. Banks that leverage next-day reports can notify affected customers, helping the user to update security details and regain control over their personal identifiable information to reduce future fraud victimization.
Specific to phishing sites, insight from one BioCatch customer revealed, that of known users who visited a fraudulent site, 30 percent experienced login attempts from a faraway location, 23 percent made a payment that was flagged as high-risk, and 15 percent indicated signs of a remote access tool present in a banking session. These attacks have evolved beyond just email, as they now also include text messages (smishing) and QR codes used to drive individuals to fraudulent websites where they are coerced into divulging private information. As consumers are much more likely to open a text message than other messaging mediums, smishing has increased significantly with complaints increasing by over 140% last year.
Not only does phishing result in financial loss to victims, but also significant reputational damage and potential customer loss. This is an issue for all financial institutions, including small banks and credit unions who are being targeted at similar rates to the largest companies. BioCatch’s new tools give financial institutions of all sizes the capability to act quickly on phishing threats and notify customers before more attacks and theft can occur.
The Phishing Site Detection with Victim Reports solutions expand BioCatch’s leading fraud protection platform, which detects a variety of financial fraud including account opening fraud, account takeover, scams and social engineering and mule accounts.
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.