BioCatch launches behavioral biometric fraud prevention solution for eCommerce sites
BioCatch has just announced the launch of its eCommerce fraud prevention solution, which is based on behavioral biometric analysis.
According to the company, the new tool uses its behavioral analysis to detect suspicious behavior and to likewise authentication repeat customers.
The way the system works is by creating a behavioral profile for every customer of an eCommerce site or mobile app. This profile is based on over 500 bio-behavioral, cognitive and physiological parameters by observing how the user holds and touches a mobile device, interacts with an online site and responds to subtle hidden challenges.
Besides authenticating users, BioCatch says its flagship threat detection technology also identifies fraudsters by targeting typical behavior of scammers.
“The eCommerce solution developed out of a necessity for effective fraud protection, while minimizing obstacles for customers visiting eCommerce sites,” BioCatch CEO Benny Rosenbaum said. “The platform is a natural progression of our continued successes protecting banks and online spaces. We are effectively addressing the two greatest problems facing eCommerce today: user-experience and fraud.”
According to a recent research report on the remote biometrics market, which includes behavioral measures for security, the overall market is forecasted to reach $3.2 billion by 2016, growing at a CAGR of 33%.