Top U.S. Financial Technology Provider Prevents $5.8 Million of Card and ACH Fraud Monthly With Behavioral Biometrics
One of the largest U.S. providers of financial technology for businesses and consumers was experiencing a significant drain on resources from manual review of suspicious transactions. In addition, transactions were being blocked creating frustration for both buyers and suppliers and greatly impacting the customer experience.
The financial technology provider wanted deeper visibility into the payment flow that would enable transaction risk decisions to be made off more than just the data entered. BioCatch behavioral biometrics was deployed at the online payment checkout flow. Using only session checkout data, and no prior user knowledge, BioCatch was tasked with accurately detecting fraud in real time by analyzing physical and cognitive behavioral patterns.