BioCatch included in Gartner’s online fraud detection report for delivering passive biometric analysis
BioCatch announced it has been named in Gartner’s Market Guide for Online Fraud Detection, formerly known as Gartner’s Magic Quadrant for Web Fraud Detection.
Gartner listed BioCatch in the report as one of many vendors to deliver passive, or transparent, biometric analysis, meaning that the user is not forced to play an active role and therefore making it a frictionless process.
“By 2017, passive biometric analysis will become a standard feature of at least 30% of one-stop fraud detection solutions – up from less than 1% today,” wrote Gartner analyst Avivah Litan in the report.
BioCatch authenticates visitors to banking and ecommerce sites by gathering and analyzing over 400 bio-behavioral, cognitive and physiological parameters.
The process greatly lowers the amount of friction that normally comes along with sensitive transactions and identifying those users which show signs typically seen in fraudsters.
“We are very pleased to be included in Gartner’s respected Market Guide for Online Fraud Detection,” said BioCatch CEO and founder Benny Rosenbaum. “BioCatch works hard to provide our banking and ecommerce customers with the very best biometric authentication and fraud prevention solution, and we believe inclusion in this report, as well as the recognition we received in 2013 as a Gartner Cool Vendors in Security: Identity and Access Management, is a good indicator that we are providing the industry with an innovative and much-needed technology.”
In the report, Litan defined passive biometric analysis as, “done ‘behind the scenes’ and is transparent or unknown to the user (unless an organization chooses to tell the user it is occurring). There is no user enrollment necessary. Over time, the system is trained on a user’s biometric ‘signature’ so that it can compare the signature to a fraudster’s on a blacklist, or to ongoing user behavior to determine whether the legitimate user is being impersonated. The use of passive voice recognition and passive gesture dynamics – that is, behavioral techniques in which user movements on a device are tracked and measured – have already proved to be very useful in the OFD market.”
Reported previously, BioCatch recently completed a $10 million financing round, which will be used to expand R&D efforts and continue growth in key markets, including the US and Europe.