This tier-one 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 means of verifying identity – personal data, device reputation, etc.
With 55 percent of millennials stating that difficulties in resolving problems with their bank are frustrating enough to make them leave and traditional fraud detection measures yielding 30–50 percent false alarm rates,1 BioCatch knew they had to play squarely into next-generation banking approaches to improve business outcomes.
Malware infections and Remote Access Trojan (RAT) attacks are on the rise, enabling cyber criminals to take over accounts from afar and automate fraud. Despite traditional fraud detection measures and cybersecurity safeguards, malware and RAT attacks remain prevalent. Undetected malware attacks can result in direct losses to account holders and have a long-term detrimental effect on business and customer confidence.