Top LATAM Bank Drastically Increases Fraud Prevention & Reduces False Positives by 66% with Behavioral Biometrics
A large bank in Latin America was facing significant fraud losses from account takeover attacks. While the bank had implemented a transaction monitoring solution and fraud controls to minimize risk, the system was only preventing less than half of their fraud. Even worse, the system was generating an unmanageable number of alerts and high false positives. The bank required a solution that could close the gaps in their existing transaction monitoring system to increase fraud prevention and drastically reduce alerts and false positives.
The bank deployed BioCatch as an additional layer to their fraud prevention stack to enhance fraud detection rates. BioCatch instantly helped elevate their fraud detection rates to over 90% and cut false positives by two-thirds. Through innovative collaboration, the BioCatch team worked with the bank to create a custom solution that would also stop fraud in real-time.