Early Warning, BioCatch to help U.S. financial services organizations combat fraud

April 14, 2015 - 

Early Warning announced it has partnered with BioCatch to help U.S. financial services organizations gain and share behavioral intelligence to ultimately decrease new account fraud and account takeover while improving the overall user experience.

The new solution detects criminal behavior in the digital ecosystem, distinguishing human activity from the non-human activity. It can be used for new account enrollment as well as existing account logins and sessions.

The partnership enables FSOs to detect the typical signs of fraud or share specific behavioral signatures across their entire organization.

“Early Warning has taken yet another fundamental and unparalleled step in securing and optimizing digital financial transactions,” said Paul Finch, CEO of Early Warning. “Integrating BioCatch’s behavior analytics, plus our ability to authenticate consumers and their devices via the Mobile Network Operators, enables participating banks to provide a more seamless and secure digital experience for their customers as well as increase their own operational efficiencies.”

The solution reduces cases of fraud by providing participating FSOs with shared user behavioral insights and critical data collected from bank-contributed fraud records.

As a result, FSOs will be able to more seamlessly authenticate trusted users, improving the overall customer experience.

Combined with BioCatch’s behavioral analytic capabilities, Early Warning is building a comprehensive platform of differentiated digital authentication solutions.

“BioCatch is proud to be working with Early Warning to address some of the biggest challenges currently facing the financial industry, namely preventing account takeover and new account fraud as well as malware attacks,” said Ron Moritz, CEO of BioCatch. “And, we are providing users with a better experience while using digital banking. This new service will provide invaluable user behavioral data from top U.S. banks that will be collected and used to create a new generation risk-based authentication solution.”

Previously reported, Early Warning acquired phone-based, multi-factor authentication solutions firm Authentify Inc. for an undisclosed amount.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.