In an age where the use of smart phones has skyrocketed and consumers require convenience more than ever, financial institutions continue to invest in mobile banking. In fact, the Federal Reserve recently predicted that ~96% of US financial institutions will offer mobile banking by 20211. With nearly 2 billion mobile banking users worldwide2, organizations see this as a perfect opportunity to improve customer satisfaction and in turn increase acquisition and retention.
Financial institutions are increasingly investing in digital channels to meet customers where they are, offering more functionality, products, and services online than ever before. Going beyond everyday banking functionality, 82% of financial institutions offer the ability to open a checking account online1. While this digital shift introduces a tremendous opportunity for organizations to acquire more customers, cybercriminals threaten new revenue by capitalizing on weaknesses in the account opening process.
Account Takeover attacks are on the rise as cybercriminals continue to develop new methods and tools to take over accounts from afar and automate fraud. Despite the widespread adoption of traditional protection solutions, such as those that rely on two-factor authentication and device ID, fraud continues to occur in fully authenticated sessions. Malware, Remote Access Tool attacks, sophisticated social engineering scams, and other creative account takeover methods have proven to successfully bypass common cybersecurity safeguards, costing financial institutions millions of dollars per year and damaging customer confidence.
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Customer experience is the hallmark of growing revenue in digital channels. However, that revenue can be threatened by losses sustained from new account fraud, account takeover and other cyber threats. As the volume of digital transactions surges, fraud and risk management leaders are tasked with building trust across a broad range of use cases, managing risk across digital channels, and limiting financial losses from cybercrime.
The BioCatch Case Manager tool empowers fraud operators to investigate high-risk activities and provide genuine and fraud feedback in real-time, reducing the fraud-review operational cost and enhancing accuracy of the risk engine based on confirmed fraud cases. The Case Manager tool helps simplify investigation and drives faster resolution, while providing visibility into the fraud operators activities and workload
The BioCatch Rule Manager empowers organizations to mitigate risk in real time, improve customer experience, and simplify back-end fraud operations by providing the ability to configure actions based on risk level.
According to a recent report by the UK Finance organization, in 2019 UK Finance members reported 168,376 incidents of Authorised Push Payment (APP) scams over web and mobile channels with gross losses of £379.1 million. This is a 19% increase for web and a 261% increase for mobile from 2018.
The ongoing cat-and-mouse game between fraudsters and security experts has generated a variety of methods to prevent identity theft and ease the authentication process. Behavioral biometrics upends the paradigm, profiling and analyzing user behavior as opposed to what they have or what they know. These are the main differences between device recognition methods (something you have) and behavioral biometrics (something you are).
The BioCatch Analyst Station provides fraud analysts with the visibility they need in order to easily identify, investigate, and act upon potentially fraudulent activity in user accounts.
In recent years, Peer to Peer payments have shown a significant increase, passing the $120 billion mark (2017). Currently, one in three American consumers uses P2P apps to make instant payments to friends, relatives, service providers, or anyone they owe money. Since P2P account opening does not require identity verification, it is vulnerable to various types of fraud and threats including malware, social engineering, remote access, SIM swapping, call forwarding and other techniques. Using these techniques, the fraudsters are able to exploit two main points of failure:
