World-class technology used by largest financial institutions now accessible to Indue’s customer network; providing best-in-class fraud detection
MELBOURNE, AU (October 10, 2022) – BioCatch, the global leader in behavioural biometrics and advanced fraud prevention technology, is pleased to announce they are now partnering with Indue, the leading end-to-end payment solution provider in Australia and New Zealand. This new partnership enables Indue’s network of financial institutions, retailers, and non-profits to leverage BioCatch’s best-in-class technology to help protect their customers from fraud attacks and cybercrime.
BioCatch analyzes a user’s physical and cognitive digital behavior to distinguish between genuine users and cybercriminals to detect fraud and identity theft while improving customer experience. Indue’s network of customers will now be able to provide their users with a frictionless digital experience empowering safety and trust between the financial institutions and their customers.
BioCatch’s category-defining behavioral biometrics technology helps protect many of the world’s largest financial institutions, their clients and their clients’ assets from online banking fraud and other types of criminal activity, including sophisticated social engineering voice scams.
"The explosion of new consumers of digital banking services over the last year has accelerated the need for technologies that can offer strong fraud protection with minimal disruption to users," says Richard Booth, BioCatch Head of APAC. "BioCatch is committed to supporting Indue’s banking customers and expanding the standard in digital banking by providing best-in-class fraud protection and seamless user experiences. We are pleased to partner with Indue to leverage behavioral biometric technology for their clients, allowing financial institutions of any size to protect their clients and provide enhanced digital user experiences.”
Indue Chief Risk Officer Jane Hinton said the new partnership with BioCatch will enable Indue to tap into the value of world-leading fraud protection analytics technologies to enhance the safety, security and trust of customer’s online transactions and digital banking.
“In today’s digital world, detecting and preventing fraud & mitigating the impact of social engineering scams is important as ever, so we are very pleased to be partnering with BioCatch to integrate advanced biometric technology into our payment solutions,” Ms Hinton said. “We want to minimise the risk and maximise the security of online banking and embedding BioCatch’s best-in-class behavioural biometrics technology into our end-to-end payment solutions will create a seamless and safe digital experience for users.
“Most importantly it will provide additional peace of mind that online transactions through Indue’s payment platforms are secure and safe from the ever-growing threats of online financial crimes.”
BioCatch solutions monitor user behavior throughout the account lifecycle, at origination and continuously throughout each online session, to identify risk by analyzing actions such as mouse movements, typing cadence or interaction with the screen. Leveraging AI to deliver a risk score, BioCatch identifies and alerts the bank to genuine or fraudulent behavior. The technology helps ensure banking customers are provided with a secure and seamless digital experience.
Indue is an Approved Deposit-taking Institution (ADI) and 100% owned by Australian Mutuals. Indue has been issuing cards since 1992 and has over 50 years’ experience in the payment industry.
Indue is a leader in payments technology development; principal member of Visa, MasterCard and eftpos; Australian Financial Services Licence (AFSL) holder (enabling it to deal in non-cash payment and deposit products); and reporting entity pursuant to Anti-Money Laundering (AML)/Counter-Terrorism Financing (CTF) legislation. As an ADI regulated by the Australian Prudential Regulation Authority (APRA), Indue provides its clients with rigorous compliance, governance, program oversight and financial soundness. Indue launched its Orion Financial Crimes service in 2003 and has grown steadily over the years to offer real time card and IB fraud management plus AML/CTF transaction monitoring.
BioCatch is the leader in Behavioral Biometrics, a technology that leverages machine learning to analyze an online user’s physical and cognitive digital behavior to protect individuals online. BioCatch’s 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. Today, BioCatch counts over 25 of the top 100 global banks as customers who use BioCatch solutions to fight fraud, drive digital transformation and accelerate business growth. BioCatch’s Client Innovation Board, an industry-led initiative including American Express, Barclays, Citi Ventures, and National Australia Bank, helps enable BioCatch to identify creative and cutting-edge ways to leverage the unique attributes of behavior for fraud prevention. With over a decade of analyzing data, more than 80 registered patents, and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems. For more information, please visit www.biocatch.com