HoneyTek Systems, BioCatch partner to provide fraud prevention solutions
BioCatch’s behavioral biometrics-based authentication technology analyzes the way people interact with an online application or device.
The company has been integrating behavioral biometrics to successfully detect criminal behavior, preventing major financial losses in the past.
“Given the trends in fraud and the challenges that our customers are facing, it is important for us to provide solutions that help them stay ahead of the curve. With their unique approach to addressing account takeover threats that occur beyond the firewall or login process, BioCatch helps us deliver on this promise,” said Nitish Hejmadi, HoneyTek president and CEO. “Our products are designed to meet the needs of all aspects of network security, and being able to identify account takeover threats stemming from malware, robotic activity, Remote Access Trojans and social engineering, is very important in the current cybersecurity climate we are operating in. We are happy to add BioCatch to our family of offerings.”
BioCatch’s continuous authentication solution complements HoneyTek’s existing firewall, SIEM, IPS and cloud and endpoint security offerings, by providing a dynamic layer of identity assurance.
The integrated solution will protect HoneyTek Systems customers against cybersecurity challenges, such as remote access trojans (RATs) attacks, which are not recognized by traditional malware detection tools.
“From inception, BioCatch has been focused on understanding how people interact online, to detect criminal and account takeover activity,” said Eyal Goldwerger, CEO of BioCatch. “As the market demand for holistic network security solutions grows beyond firewalls, device recognition, and traditional malware detection tools, behavioral biometrics becomes a natural fit to complementing what is in an existing security ecosystem.
“Our work in this area, exemplified by the patent that we have recently been granted on the use of behavioral biometrics to recognize remote access attacks, positions us as the go-to-partner for an integrator like HoneyTek that is looking to provide a full solution. We are thrilled to be working with them to address this need in the Canadian market and beyond.”
BioCatch’s enterprise-grade solution is used at major banks and eCommerce sites worldwide, monitoring over 4 billion transactions per month and providing measurable return on investment.
Last month, LexisNexis Risk Solutions and BioCatch partnered to help companies across all industries reinforce their efforts in preventing fraud cases.