Datos Insights recognizes BioCatch Scout for financial crime investigation and reporting innovation

Scout reveals vast networks of money laundering accounts around the globe

NEW YORK (Aug. 26, 2024) — The global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence, BioCatch, was recognized by Datos Insights as the silver medalist in the Best Financial Crime Investigation and Reporting category of the 2024 Fraud & AML Impact Awards, ahead of the global advisory firm’s Aug. 27 Financial Crime and Cybersecurity Forum. Now in its fourth year, the Fraud & AML Impact Awards identify the organizations and vendors whose new and disruptive financial crime solutions most effectively and efficiently counter escalating financial crime threats. Submissions were evaluated on innovation, competitive advantage, market need, financial crime risk mitigation, impact on both customer experience and operation efficiency, integration and scalability, and future roadmap.

“Organized crime networks are extremely complex, operating without borders across multiple accounts, users, and banks,” Datos Insights Strategic Advisor in the Fraud & AML practice Becki LaPorte said. “As financial crime becomes increasingly interconnected, tools that can visualize and analyze complex networks of suspicious activity are becoming an essential part of the financial crime toolkit. Fraud and AML teams improve their investigative capabilities by utilizing technology that helps them uncover hidden relationships, patterns, and anomalies that might otherwise go undetected.”

A panel of fraud and AML industry experts and Datos Insights strategic advisors selected BioCatch Scout for this honor, citing its ability to “incorporate fraud feedback to visualize connections from both compromised accounts and suspected mule accounts.”

“We’re thrilled Datos Insights recognized us for our innovation in this space,” BioCatch SVP of Product Management Ayelet Eliezer said. “BioCatch is dedicated to helping fraud and AML teams and regulators collaborate to share data and intelligence, and – ultimately – make a meaningful impact in preventing financial crime around the world, identifying and disrupting sophisticated criminal networks.”

Datos Insights selected winners and silver medalists it felt were bringing the financial services industry closer to triumphing over fraud, money laundering, and other illicit activities.

Launched in just 2023, BioCatch Scout has already delivered significant results for early adopters. Datos cited a major Indian bank that used the tool to uncover a vast network of mule accounts within its organization – just 11% of which they were already aware. The research also highlights the advantages Scout offers to smaller institutions, pointing to a top U.S. credit union using the solution to uncover a complex fraud scheme involving 10 different devices accessing three new accounts, preventing $43,000 in ACH transfers.

About BioCatch:

BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, 32 of the world's largest 100 banks and 210 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch's Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 92 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.

About Datos Insights:

Datos Insights delivers the most comprehensive and industry-specific data and advice to the companies trusted to protect and grow the world’s assets, and to the technology and service providers who support them. Staffed by experienced industry executives, researchers, and consultants, we support the world’s most progressive banks, insurers, investment firms, and technology companies through a mix of insights and advisory subscriptions, data services, custom projects and consulting, conferences, and executive councils. Visit datos-insights.com to learn more.

PR contacts:

Mac King
BioCatch senior comms manager
Mac.King@BioCatch.com
pr@datos-insights.com