NEW YORK, NEW YORK and TEL AVIV, ISRAEL (February 10, 2021) – BioCatch, the global leader in behavioral biometrics, announced today that it has received a registered U.S. Patent for its innovative method of verifying a user’s identity and detecting fraud, based on the manner in which the user holds and uses their mobile device. BioCatch added ten new registered U.S. patents last year alone and another this past month, bringing its patent total to 57 since its founding in 2011. This vast patent portfolio demonstrates the company’s ongoing commitment to breakthrough innovation within the cybersecurity field.
Patents also help solidify BioCatch’s position as an industry leader in digital identity and behavioral analysis. BioCatch maintains a database of over 200 million individual behavioral profiles and analyzes more than two billion digital sessions per month. Through this unique lens, BioCatch has seen mobile fraud make up approximately 50% of confirmed fraud cases across its global customer base. The technology behind BioCatch’s latest mobile device patent further ensures that financial institutions, as well as their customers, are protected against the most sophisticated mobile fraud threats and cyber-attacks.
Today there are more smartphones than personal computers in the world, and consumers place significant value on convenience and user experience when using them. With over two billion people banking on their phones and tablets, financial institutions continue to invest in the mobile channel. While mobile banking offers organizations a tremendous opportunity to acquire new customers and capture additional revenue, it also introduces new fraud risks if proper security measures are not in place. Potential attacks include social engineering scams, malware, remote access attacks, device theft, and other types of cyber-attacks and fraud schemes.
In social engineering fraud scenarios where the genuine user performs a fully authorized transfer under the influence of a cybercriminal, a mobile user’s behavior will present subtle anomalies that showcase dictation, duress, and hesitation, which can indicate a social engineering voice scam is underway. Such highly sophisticated fraud attack methods can only be identified by continuously analyzing a user’s behavior, and will go undetected by traditional controls such as password device or two-factor authentication.
“At BioCatch we are always looking to the future, and not content to rest on our laurels,” said Avi Turgeman, Founder, CTO & Vice President of Business Development. “We continue to enhance our platform and find new ways to protect financial institutions and their customers from fraud and cybercrime. Surpassing 50 patents is a major milestone and a testament to our innovative strength and leadership in the industry. We have a very strong IP portfolio in the behavioral space and in the cybersecurity field, and we intend to continue to expand it to address the needs of our customers and to help protect consumers.”
BioCatch Account Takeover Protection for Mobile is frictionless from deployment and beyond, allowing financial institutions to add product functionality to their mobile banking experience without adversely impacting customer engagement or introducing additional risk. By passively monitoring thousands of interactions throughout a mobile banking session, the BioCatch platform generates and delivers real-time session risk scores, and detailed mobile session activity is logged and visualized via the BioCatch Analyst Station. These insights empower fraud mitigation teams and fraud analyst teams to act quickly and confidently, based on the insights generated by BioCatch’s innovative system, and to stop fraudulent sessions without impacting the experience for genuine customers.
BioCatch’s category-defining behavioral biometrics technology protects some of the world’s largest financial institutions, their clients and their clients’ assets from fraud and other types of criminal activity. Unlike traditional security methods, such as usernames and passwords, which can be easily compromised, monitoring user behavior throughout each online session provides continuous protection and ensures a secure and seamless online experience. Many of the world’s largest global financial institutions are BioCatch clients.
BioCatch is a digital identity company that uses behavioral biometrics to protect financial institutions and their clients from fraud and other types of cybercrime. Unlike physical biometrics such as fingerprints or facial recognition, behavioral biometrics analyzes an online user’s digital behavior to protect users and their data. Customers around the globe leverage BioCatch’s unique behavior-based approach and innovative insights to more effectively fight fraud, drive digital transformation, and accelerate business growth. With nearly a decade of behavioral data, over 57 registered U.S. patents, and unparalleled experience analyzing online behavior of users, BioCatch is the leader in driving behavioral insights. For more information, please visit https://www.biocatch.com/.
Jack Godar, Lansons Intermarket