Large Australian Financial Services Organization Disrupts Mule Operations and Stops Over 90% of Fraudulent Payments Using Behavioral Biometrics & Device Intelligence

A large Australian financial services organization was experiencing a high rate of account takeover with cybercriminals using stolen credentials to gain unauthorized access to customer accounts and initiate fraudulent payments. The bank also recognized that cybercriminals were attempting to open mule accounts as a way to launder stolen funds. In addition to reducing the economic impact of fraud, the bank wanted to protect their trusted brand and reputation from being tarnished as a result of global mule operations.

The bank needed to enhance the ability of their Enterprise Fraud Platform to profile customer and transaction data. They selected BioCatch for both behavioral biometrics and device intelligence to improve their risk profiling capabilities and complement other layered controls at the bank such as step-up authentication.