Financial institutions can avert fraudulent transfers by having access to the full session. A major advantage of behavioral biometrics is that they passively track thousands of characteristics during a user's online or mobile session, such as how they hold their phone or how they scroll or switch between fields, reducing friction during the user experience.
To protect people and their assets, BioCatch, a leader in behavioral biometrics, examines an internet user's physical and cognitive digital activities. Its goal is to unleash the potential of behavior and provide useful insights to build a digital world where comfort, trust, and identification may coexist without friction.
Safeguarding Transformations and Identities
Leading financial institutions utilize BioCatch to boost corporate development, facilitate digital transformation, and combat fraud more effectively. BioCatch continues to innovate to find solutions for today's problems despite having over ten years of experience analyzing data, over 60 patents, and unmatched expertise.
In order to address the issues of next-generation digital identity, BioCatch was established in 2011 with a focus on online user behavior. Today, companies all around the world use BioCatch's distinct strategy and insights to more successfully combat fraud, promote digital transformation, and quicken corporate expansion.
Industry-leading Behavioral Biometrics Solutions
Account Opening Protection: With the use of powerful behavioral insights produced by BioCatch Account Opening Protection, you can detect more fraud, remove unnecessary friction, and attract more customers by having the real-time visibility you need. BioCatch risk models assess a user's physical and cognitive digital behavior to distinguish between legitimate users and criminals in order to detect fraud and identity theft and to enhance customer experience. This is done through unique research, a decade of data, and demonstrated results.
The BioCatch platform, which is powered by machine learning, profiles user behaviors such as mouse movements, typing tempo, swipe patterns, or device orientation to identify statistically observed norms for "good" and "poor" behavior.
The bank was able to detect account opening fraud right away by utilizing BioCatch's powerful and validated risk models. In contrast to other fraud prevention methods, BioCatch Account Opening Protection starts working right away and doesn't need much training. This leading Asia Pacific bank was able to completely deploy and derive value from the BioCatch platform in just a few weeks, even during a global pandemic.
An Array of Comprehensive Offerings
- Mule Account Detection: To assist you in reducing financial, reputational, and regulatory risk, BioCatch Mule Account Detection finds evidence of mule activity both during account opening and within active accounts. Mule accounts are essential to the infrastructure of the fraud supply chain and the process of money laundering. Given that fraudsters use a variety of techniques to launder stolen money, mule account detection is a challenging procedure. When identifying mule accounts, BioCatch has identified five persona types to watch out for. The prevention of mule accounts during account opening as well as the detection of mule activity within existing accounts can both be aided by an understanding of these personas and the typical behaviors associated with each.
Money laundering and mule accounts continue to be major issues for financial institutions, and the issue is still mostly unresolved. Money mules exist in a variety of shapes and sizes, each with its own objectives and personality that call for special solutions. By examining a user's physical and cognitive behavior to spot high-risk conduct related to money laundering, BioCatch Mule Account Detection provides thorough security against all forms of mule scenarios.
- Account Takeover Protection: Advanced behavioral insights produced by BioCatch Account Takeover Protection give you the ongoing monitoring you need to uncover more fraud, boost consumer confidence, and lower false positives. To continually monitor web and mobile sessions and reveal a wide range of account takeover risks that older fraud prevention procedures overlook, BioCatch risk models use cutting-edge research and a decade's worth of data. Mule accounts are crucial to the outcome of a failed account takeover attempt. Criminals cannot complete their scheme if they do not have a mule account to send the proceeds of a fake payment or transaction.
- Social Engineering Scam Detection: Traditional fraud-based methods have mostly given way to scam-based tactics in the world of cybercrime. There are potential disruptions in the form of greater regulatory pressure and a decline in consumer confidence since there are inconsistent frameworks for defining and assessing fraud losses from social engineering scams. By using real-time user behavior analysis to identify whether a person is carrying out a transaction while under the influence of a cybercriminal, BioCatch helps banks defend their consumers against authorized push payment fraud and social engineering frauds. Financial institutions can quickly identify behavioral clues that a social engineering scam is underway thanks to BioCatch, which helps them avoid big losses and better protect their customers and assets.
- Inherence Analysis for Psd2 Strong Customer Authentication (SCA): Even the biggest companies have trouble keeping up with increasing financial crime, constant technological progress, and regulatory compliance requirements. Employing a layered strategy will free up workers to concentrate on providing value to speed up online commerce and provide the consumer-expected digital experiences. Automation and new technology will be employed to improve or rework old processes. BioCatch can evaluate whether the behavior demonstrated when entering data is more likely to be that of a real consumer or a fraudster by adding a long-term memory field.
“BioCatch delivers advanced behavioral insights providing global organizations with actionable intelligence to create a secure and frictionless digital customer journey.”
Also Read: 20 Best Companies to Watch in 2022