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.

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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.

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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.

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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.

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As banks evolve to compete in a digital-first world, gaining market share, increasing revenue, and making the onboarding process as easy as possible are top priorities. But those priorities can be disrupted by opportunistic cybercriminals. Find out how behavioral biometrics helped a digital bank improve the customer onboarding experience while increasing fraud detection by 60 percent.

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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.

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