Optimizing results and performance before deploying a rule to production

New York (June 4, 2024) – BioCatch, the global leader in digital-fraud detection and financial-crime prevention powered by behavioral biometric intelligence, today announced expanded predictive intelligence capabilities within its BioCatch Connect product portfolio with the launch of an advanced rule simulation tool. Rule Simulator empowers financial institutions to optimize fraud-prevention measures before deploying them into production environments.

While BioCatch solutions are focused on reducing the number rules necessary for protecting against fraud and providing predictive intelligence, each financial institution has unique banking applications and processes where creating some rules may be necessary.  Unlike other Online Fraud Detection (OFD) solutions, BioCatch rules are designed based on historical data and expert insights to identify unusual behaviors or transactions that deviate from normal operational parameters. A rule that is setup and deployed incorrectly can lead to increased false positives, workflow issues, and even increased risk and exposure to the financial institution.

Integrated into BioCatch’s Predictive Intelligence capabilities, Rule Simulator, a feature within BioCatch Rule Manager, provides users the capability to test and simulate outcomes of newly created rules in real-time. This allows for the immediate assessment of a rule's potential impact on alert rates and fraud detection, enabling users to fine-tune and validate strategies without risking disruptions in their live environments. This innovative tool minimizes risk and improves accuracy by predicting the impact of rules on real transaction flows, ensuring optimal settings for fraud prevention.

“With the introduction of Rule Simulator, we are taking a significant step forward in helping our clients combat fraud more proactively,” BioCatch SVP of Product Ayelet Eliezer said. “This tool is designed to provide users with an intuitive understanding of how their configurations will perform, ensuring that only the most effective rules are implemented. It’s about building confidence in fraud prevention strategies before they go live.”

Key benefits:

• Immediate feedback: Users receive instant feedback on the potential effectiveness and efficiency of new rules.
• Performance indicators: The simulator predicts how a rule will influence overall alert rates and fraud-detection metrics.
• Optimized decision-making: By understanding a rule’s impact ahead of time, users can make informed decisions, enhancing the quality of fraud-prevention mechanisms.
  
  

By providing a platform that not only detects but also predicts and prevents fraud through proactive simulation, BioCatch is setting new standards in the digital financial crime prevention industry.

BioCatch’s Rule Manager with the new Rule Simulator feature is now available to all customers. Details on how to use this feature can be found in BioDocs. For prospective clients and those interested in learning about Rule Manager and the Rule Simulator feature, a data sheet is available on the BioCatch Resource Center webpage.

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, more than 30 of the world's largest 100 banks and more than 190 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.