A top 5 UK bank experienced a growing increase in social engineering voice scams, also known as Authorised Push Payment (APP) fraud, despite heavy investment in both technology and talent. Making up a large portion of their monthly fraud losses, social engineering voice scams were costing the bank hundreds of thousands of pounds per month and damaging customer confidence and trust.
Zelle payment fraud is one of the fastest growing areas of account takeover (ATO) in the U.S. banking sector. A large U.S. credit union found its members were being targeted by a sophisticated cybercrime gang and saw Zelle fraud spike significantly. Find out how they implemented behavioral biometrics to achieve best-in-class fraud reduction for Zelle payments and improve customer experience for members.
A Top LATAM bank found their mobile banking customers increasingly targeted and victimized by social engineering scams. Despite increased efforts and technologies, social engineering continued to be the bank’s top threat. With 80% of all banking activities conducted using mobile devices, the bank required a robust fraud solution that would deliver top security without introducing friction.
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A large bank in Latin America was facing significant fraud losses from account takeover attacks. While the bank had implemented a transaction monitoring solution and fraud controls to minimize risk, the system was only preventing less than half of their fraud.
A top UK bank launched a new promotional offering as part of the account opening process that piqued the interest of cybercriminals. To prevent fraudsters from successfully navigating the application journey and cashing out on promotion offerings, the bank implemented BioCatch Account Opening protection. As a result, the bank managed to satisfy both business and risk objectives by automatically declining fraudulent applications and safely acquiring more customers.
A top Asia Pacific bank discovered that over 70% of their lending fraud was a result of fraudulent deposit and transaction account openings. With the goal of minimizing further impact to their reputation and bottom line, the bank rapidly deployed BioCatch Account Opening Protection to detect fraudulent account openings and reduce losses from subsequent lending fraud.
A top-5 U.S. credit card issuer suffered from millions of dollars in fraud losses caused by the use of stolen personal information or synthetic IDs in the application process. Their existing fraud detection model was based on traditional identify verification methods (i.e. personal data and device reputation). After deploying BioCatch Behavioral Biometrics to their account opening journey, the issuer gained a new layer of visibility that enabled them to decipher between legitimate applicants and cyber criminals with a greater level of confidence.
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Account takeover (ATO) attacks were bypassing existing fraud prevention controls and generating extensive losses for a top 5 UK bank. In addition, the solutions and controls deployed across multiple layers of the account lifecycle were creating high levels of friction. Find out how behavioral biometrics drastically curbed the financial impact of fraud threats targeting the payment process and reduced friction up to 95% across the customer journey.
Corporate banking typically requires increased security over other banking functions as it is targeted by the most sophisticated cybercrime schemes and presents high risk due to the value of transaction amounts that are often sent to international or unknown destinations. Digital transformation has also put pressure on the financial services industry to move money faster and with minimal disruption to businesses. See how one financial institution put the brakes on a sustained account takeover cyber attack with behavioral biometrics and stopped a £1.6 million fraudulent transaction.
The US banking industry has made a significant leap forward by launching Zelle, a real-time p2p platform for moving money from the user’s bank account to an email/mobile contact. In Q3 2019, Zelle traffic was reported to be 196 million transactions with a volume of $49 billion, and many banks in US are now offering Zelle functionality via their online and mobile banking applications.
