THE HAGUE, THE NETHERLANDS (March 20, 2018) – BioCatch, the global leader in behavioural biometrics, was selected by both jury and public vote for the honour of “Best Innovation in Securing Transactions” at the European Payments Summit’s Florin Awards ceremony. The Florin Awards are hosted each year by the European Payments Summit, Currency Research and The Paypers to recognize and stimulate innovation in the transaction services industry.
“While most fraud detection solutions at the authentication-level are similar in their offerings, BioCatch goes further in its incorporation of behavioural biometrics,” said Joris den Bruinen, Deputy Director of The Hague Security Delta. “BioCatch specializes its offerings with machine and deep-learning algorithms to collect and analyse a dynamic set of different behavioural parameters. BioCatch not only detects suspected fraud by simply verifying that the information entered is correct, it goes beyond that by recognizing the patterns and manners in which people enter the information itself.”
Added den Bruinen, “This concept is innovative, secure, patented, proven by customers and also scalable. All of these aspects combined made BioCatch the true number one innovator as selected by both the jury and public vote, and we were pleased to name BioCatch the unanimous winner of the Florin Awards last week.”
The jury panel for the Florin Awards was made up of key independent and objective experts in the field, including: Rob van der Staaij (Principal and Director - Cybersecurity, Innopay, and Lecturer - Cybercrime & Cybersecurity, University of Groningen); Vikas Munshi (Creative Technologist, ING Bank); Mélisande Mual (Managing Director, The Paypers); and Joris den Bruinen (Deputy Director, The Hague Security Delta). This panel, as well as the public, selected BioCatch as the winner from among 10 other nominees.
“Establishing a user’s true identity and ensuring strong customer authentication has become the key enabler of trusted online interactions, and it is also critical to faster payments, PSD2 and open banking,” said Howard Edelstein, BioCatch Chairman and Chief Executive Officer. “Innovation is a core principle for us, as demonstrated by our extensive patent portfolio and our understanding of the ways that behaviour can be used to verify identity online. We are honoured to have received this recognition and are committed to working with our customers and partners to increase the adoption of behavioural biometrics market-wide.”
BioCatch proactively collects and analyses more than 2,000 parameters to generate user profiles and model different types of genuine and malicious behaviour. BioCatch can address a wide range of threats at login and beyond by identifying malware, robotic activity, social engineering (phishing, etc.) and other cyber threats, which is a differentiator from traditional fraud approaches and other behavioural biometrics providers. The company monitors more than 5 billion transactions per month and generates real-time alerts when behavioural anomalies are detected, stopping fraud at the source and ensuring strong continuous authentication throughout the course of an online session.
Just last week, BioCatch announced it closed a $30 million financing round, cementing its growth plan and vision to redefine digital identity and enable renewed trust in online interactions. Together, The Florin Award and funding announcement, highlight the company’s approach and success.
BioCatch is a cybersecurity company that delivers behavioural biometrics analysing human-device interactions to protect users and data. Banks and other enterprises use BioCatch to significantly reduce online fraud and protect against a variety of cyber threats, without compromising the user experience. With an unparalleled patent portfolio and deployments at major banks around the world that cover tens of millions of users to date, BioCatch has established itself as the industry leader. For more information, please visit www.biocatch.com.