CIO Bulletin

BioCatch – Unlocking the Power of Behavior to Create a Digital World Where Identity, Trust, and Ease Seamlessly Co-Exist

Behavioral biometrics analyzes a user’s digital physical and cognitive behavior to distinguish between cybercriminal activity and legitimate customers, identifying fraud and identity theft. Actual customers and fraudsters interact with digital platforms differently. Behavioral biometrics leverages machine learning to analyze patterns in human activity and detect whether someone really is who they claim to be when they interact online and whether the activity is driven by a human or part of an automated attack. Behavioral biometrics prevents account takeover through a continuous monitoring process that verifies the user’s identity throughout a session, not just at the entry login point. With visibility into the entire session, financial institutions can stop fraudulent transfers before they occur. A key benefit of behavioral biometrics is that it works passively in the background of a user web or mobile session to monitor thousands of parameters, such as the way a person holds the phone or how they scroll or toggle between fields, thereby minimizing friction in the user experience.

BioCatch is the leader in Behavioral Biometrics which analyzes an online user’s physical and cognitive digital behavior to protect individuals and their assets. Its mission is to unlock the power of behavior and deliver actionable insights to create a digital world where identity, trust and ease seamlessly co-exist. Leading financial institutions around the globe use BioCatch to more effectively fight fraud, drive digital transformation, and accelerate business growth. With over a decade of analyzing data, over 60 patents and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems.

BioCatch was founded in 2011 to address next-generation digital identity challenges by focusing on online user behavior. Today, customers around the globe leverage BioCatch’s unique approach and insights to more effectively fight fraud, drive digital transformation and accelerate business growth.

Leveraging Industry-Leading Behavioral Biometrics Solutions

Account Opening Protection: BioCatch Account Opening Protection generates advanced behavioral insights to provide you with the real-time visibility you need to detect more fraud, introduce less friction, and acquire more customers. Through innovative research, a decade of data, and proven results, BioCatch risk models analyze a user’s physical and cognitive digital behavior to distinguish between genuine users and criminals in order to detect fraud and identity theft and to improve customer experience. By profiling user behaviors such as mouse movements, typing cadence, swipe patterns or device orientation, the BioCatch platform, powered by machine learning, identifies statistically observed norms for “good” and “bad” behavior. By leveraging BioCatch proven and advanced risk models, the bank was able to start detecting account opening fraud immediately. Unlike other fraud prevention solutions, BioCatch Account Opening Protection is effective as soon as deployed and does not require a lengthy learning period. Even during a global pandemic, this top Asia Pacific bank was able to fully deploy and realize value from the BioCatch platform in just weeks.

Mule Account Detection: BioCatch Mule Account Detection identifies mule activity at account opening and within existing accounts to help you mitigate financial, reputational and regulatory risk. Mule accounts play a critical role in the fraud supply chain infrastructure and the money laundering process. Detecting mule accounts is a complex process as cybercriminals employ various methods to launder stolen funds. BioCatch has identified five persona types to look out for when detecting mule accounts. Understanding these personas and common behaviors associated with each one can help prevent mule accounts at account opening as well as detect mule activity within existing accounts. Mule accounts and money laundering remain a huge problem for financial institutions, but the problem remains largely unsolved. Money mules come in many forms, each with different goals and behaviors that require unique approaches to solve. BioCatch Mule Account Detection delivers comprehensive protection against all types of mule scenarios by analyzing a user’s physical and cognitive behavior to identify high-risk activity associated with money laundering.

Account Takeover Protection: BioCatch Account Takeover Protection generates advanced behavioral insights to provide you with the continuous monitoring you need to detect more fraud, increase customer trust, and reduce false positives. BioCatch risk models leverage innovative research and a decade of data to continuously monitor web and mobile sessions and expose a broad range of account takeover threats that legacy fraud prevention controls miss. Mule accounts play a pivotal role in determining the success of an account takeover attempt. If criminals do not have a mule account to send the cash from a fraudulent transaction or payment, they will not achieve their goal. Not every mule account is equal and understanding how they operate requires a deep understanding of digital behavior and account patterns. Behavioral biometrics unwraps the complexity to help financial institutions identify mule accounts earlier and reduce operational costs and risk exposure downstream.

Social Engineering Scam Detection: There has been a major shift in the global cybercrime landscape from traditional fraud-based tactics to scam-based tactics. The lack of consistent frameworks for defining and measuring fraud losses from social engineering scams has paved the way for potential disruptions in the form of increased regulatory pressure and deterioration in consumer sentiment.. BioCatch analyzes user behavior in real-time to detect when an individual is conducting a transaction under the influence of a cybercriminal, helping banks to protect customers from social engineering scams and authorized push payment fraud. BioCatch provides financial institutions with immediate behavioral insights that indicate a social engineering scam is in progress, helping to prevent significant losses and better protect their clients and assets.

Inherence Analysis for Psd2 Strong Customer Authentication (SCA): Even the largest businesses struggle to manage continuous technology changes, evolving financial crime, and regulatory compliance requirements. Deploying a layered approach, where automation and new technologies are used to enhance or remodel existing processes, will free staff to concentrate on adding value to accelerate online commerce and deliver the digital experiences that consumers expect. BioCatch inherence analysis for PSD2 strong customer authentication enhances your existing compliant solution by adding more security and eliminating unnecessary customer friction. PSD2 Strong Customer Authentication (SCA) has reduced payment fraud rates, but at what cost? Access the latest report from Goode Intelligence which examines how customer experience and transaction declines and abandonment have been impacted by SCA compliance and what can be done to comply and thrive in a post-PSD2 world. By adding a long-term memory field, BioCatch can determine whether the behavior displayed when entering data is more likely to be that of a genuine customer or a fraudster. To secure the payment even more, a customer profile is formed, and all data entry sessions can be compared to how the data is typically entered by the genuine customer. This extra level of protection on top of OTP entry analysis increases security, enables a smooth customer experience, and minimizes payment abandonment.

The Visionary Leader Upfront

Gadi Mazor is the Chief Executive Officer of BioCatch. He acts as BioCatch's fearless leader, based in Tel Aviv, he can often be found collaborating with teams and customers worldwide. Mr. Mazor has a mission to develop and deliver innovative fraud solutions for financial institutions globally.