LexisNexis Risk Solutions, BioCatch to reduce company fraud losses
As a result of the new partnership, companies will receive additional risk scores through the LexisNexis Risk Defense Platform that expand on the data typically provided by the customer by analyzing how the user behaves.
During the application process, LexisNexis Risk Defense Platform monitors behavior and is able to discern between a real user and an impostor by recognizing normal user behavior and fraudster behavior.
The ability to discern between the user’s behavior involves three key functions including Application Fluency, how well a user knows the site; Navigational Fluency, how well a user knows various computer functions; and Data Familiarity, how well a user knows the information they are entering.
“Behavioral biometrics is fast emerging as a unique tool to secure digital identity while protecting the online user experience. We are thrilled to be leading the way by teaming with LexisNexis Risk Solutions and to provide a seamless, integrated solution to a marketplace that continues to be threatened by various cyber threats, that drain businesses and consumer confidence,” said Eyal Goldwerger, CEO of BioCatch. “By understanding ‘how’ a user enters information into an application, and not ‘what’ information is being entered, we are able to change the rules of the game and seamlessly provide a completely new level of identity assurance in an era of rampant identity theft.”
BioCatch has been integrating behavioral biometrics to successfully detect criminal behavior, preventing major financial losses in the past.
More recently, BioCatch helped a major Latin American e-commerce retailer save more than $200,000 a month against new account fraud, with nearly $2 million in cost savings in the last Black Friday weekend alone.
“Together we’re delivering a next-generation solution that does not add friction to the application process or elevate abandonment rates, enhancing fraud detection without harming the experience consumers have with companies,” said Kim Sutherland, senior director, fraud and identity management at LexisNexis Risk Solutions. “By integrating BioCatch with the LexisNexis Risk Defense Platform, our customers receive an added layer of security during account opening functions in their digital channels so that they can place more of their focus on profitability and service delivery.”
Last month, BioCatch was granted a new patent entitled, “Device, Method, and System of Detecting Remote Access Users and Differentiating Among Users,” which marks the company’s 23rd patent.