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.
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.
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.