New Capability Will Help Companies Combat the Surge in Cyberfraud
NEW YORK, NEW YORK and TEL AVIV, ISRAEL (April 14, 2021) – BioCatch, the global leader and pioneer in behavioral biometrics, announced today the release of a powerful new fraud protection capability that offers continuous visibility into online banking sessions to detect the slightest sign of cybercriminal activity. The new functionality provides companies with greater protection than competing offerings by delivering proactive notifications of high risk, allowing for immediate action.
The BioCatch platform continuously analyzes an online user’s physical and cognitive behavior throughout the entire digital session, rather than simply at a single point such as at log in or point of payment. With this new capability, BioCatch customers can define their acceptable level of risk and now receive proactive alerts during sessions via Push API to benefit from real-time risk insights and an extra layer of security.
Since its inception, BioCatch has secured entire digital sessions from start to finish to reduce the emotional and financial impact of fraud and identity theft for leading global financial institutions and their customers, based on the notion that today’s most sophisticated fraud threats can only be detected by monitoring for extremely subtle deviations in user behavior. Through proactive real-time notifications, BioCatch now enables its clients to unleash the power of continuous predictive analysis and identify risk before it even emerges, thereby introducing adaptive risk management and enhancing the user experience.
When cybercriminals engage in fraud within digital banking, they typically begin with log-in only sessions so they can verify that there are sufficient funds in the account to make account takeover worthwhile; to validate user credentials; and to gather customer information for later use. BioCatch detects this anomalous behavior, which indicates that the online user is not likely to be the genuine bank customer. When such behavioral anomalies or popular attack tools and methods are identified and flagged, banks, if they choose, can adapt the customer experience based on their awareness of risk by restricting access to the account or to the available account information.
As cybercrimes become more sophisticated, criminals are developing new methods of obtaining personal data to gain unauthorized access to the accounts of financial services customers. As a result, banks and other financial organizations are suffering steep financial losses – more than $4.2 billion in 2020, up 20% from 2019. (https://www.fbi.gov/news/pressrel/press-releases/fbi-releases-the-internet-crime-complaint-center-2020-internet-crime-report-including-covid-19-scam-statistics) To combat this rapidly increasing cybercrime, BioCatch monitors over 200 million individual behavioral profiles and analyzes more than two billion digital sessions per month for its customers in order to distinguish between genuine users and cybercriminals. BioCatch’s industry-leading technology, powered by machine learning, leverages unique digital behavior datasets to determine whether an online session is likely to involve a customer or a fraudster.
Banks and other global financial institutions have increased investments in fraud protection but many still have gaps in gaining full visibility into risky activity. Until now, banks were able to act only when users performed specific high-risk activities such as payment, change of personal contact information, etc., which provided them with a snapshot into risk. Now they can address this problem through real-time continuous collection, predictive analysis, and fraud alerting. This new capability allows organizations to innovate with confidence and offers seamless ecosystem integration.
“With real-time continuous protection, BioCatch provides behavior monitoring before, during, and after the cybercriminal is online. Leveraging behavioral biometrics at each stage allows us to protect banks and other financial institutions from massive financial losses, augmenting their significant investment in cybersecurity,” said Gadi Mazor, Chief Operating Officer and Israel General Manager. “At BioCatch, we take great pride in regularly introducing new capabilities that provide our customers with the most innovative solutions to combat cybercrime and stop fraud before it occurs.”
BioCatch is the leader in Behavioral Biometrics which analyzes an online user’s physical and cognitive digital behavior to protect users and their assets. Our 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. Leading financial institutions around the globe use BioCatch to more effectively fight fraud, drive digital transformation and accelerate business growth. With over a decade of analyzing data, over 60 patents and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems. For more information, please visit www.biocatch.com
Alyssa Pfitscher, Lansons Intermarket
(845) 594-7290 email@example.com