Frost & Sullivan recognizes BioCatch with award for biometric authentication in banking and finance
Cognitive biometrics firm BioCatch announced that its authentication solution Cognitive Biometrics has been rewarded with Frost & Sullivan’s ‘New Product Innovation Leadership Award’.
Using proprietary technology, BIoCatch’s Cognitive Biometrics solution provides companies with an extra layer of security by verifying user identities after access has been granted by traditional authentication measures such as passwords, tokens and security questions.
“BioCatch’s solution is based on cognitive biometrics which detects abnormal behavior and informs the administrator of inconsistencies,” said a spokesperson for Frost & Sullivan. “This is an entirely new market as customer needs had previously remained unmet. Their solution is superior from competitors because several parameters are analyzed that are not available in traditional biometrics.”
Frost & Sullivan gave BioCatch a top score in all ten categories, including unmet needs in the market and Blue Ocean Strategy, stating that BioCatch has a “a clear understanding of customers’ desired outcomes, the products that currently helps them achieve those outcomes, and where key gaps may exist.”
Each year, Frost & Sullivan rewards one company for demonstrating excellence in implementing strategies that provide customer value, while improving the return on the investment for customers.
“It’s an honor to receive this award from Frost & Sullivan,” said Benny Rosenbaum, BioCatch CEO. “This recognition really affirms that BioCatch is a clear leader in the fraud detection space, and that we provide a solution for thousands of banks and financial institutions that is more secure because it can continuously counter the ever-changing nature of cyberattacks.”
Previously reported, BioCatch was among the 10 companies featured in American Banker and the Bank Administration Institute’s annual FinTech Forward special report which highlights the top 10 technology companies to watch.