Two global financial enterprises providing corporate online banking services had very different issues. The Treasury arm of a top-5 U.S. bank was looking to tighten controls in preparation for Faster Payments, while a Top 5 corporate U.K. bank was looking for a way to address a devastating cyberattack involving advanced malware, remote access and social engineering.
The two banks added BioCatch to their online banking service. For the U.S. bank, the technology effectively detected malware inside authenticated sessions, and uncovered cases of account misuse such as credential sharing; the U.K. bank meanwhile, saw a 23x return on investment, in which a total of 81% of the fraud was detected with only a 0.05% false positive rate. One of the most notable cases the technology was able to prevent was an attempted fraud that almost cost the bank £1.6M, and involved a remote access attack and highly sophisticated malware.