BioCatch uses behavioral biometrics to detect bank fraud
BioCatch announced it has launched its new account fraud detection solution which detects fraud in new user accounts in the retail banking, e-commerce and payments industries.
Using behavioral biometrics, BioCatch’s new account fraud detection solution is able to detect, in real-time, when criminals use stolen or fraudulent personal data to create a new account.
The technology maps inconsistent behavior patterns in the application flow to differentiate between human and non-human patterns and automatically alerts the administrator when it detects any Bot activity.
The solution can also distinguish between normal and anomalous behaviors by analyzing input familiarity, application fluency, user expertise and robotic-behavior detection.
“In today’s cybersecurity environment, it’s crucial that financial services institutions have the most advanced protection allowing them to combat the increasingly sophisticated attacks we are seeing,” said BioCatch VP of products Oren Kedem. “This is exactly the reason we have zeroed in on using behavioral biometric authentication to identify threats such as malware and new account fraud.”
Previously reported, BioCatch was granted a patent for a “System, device, and method of detecting identity of a user of a mobile electronic device” through the application of behavioral biometric technology.