BioCatch behavioral biometrics technology protects 33 million banking customers
Behavioral authentication and malware detection firm BioCatch announced that more than 33 million banking customers around the world are protected with its behavioral biometric technology.
BioCatch currently monitors over one billion transactions per month to detect behavioral anomalies and the company’s customers include banks and eCommerce sites in Europe, Latin America and North America.
BioCatch continuously authenticates users throughout an online banking session by analyzing more than 500 parameters, including press-size, hand tremor and eye-hand coordination, combined with behavioral traits, such as usage preferences and patterns of device interaction.
“We long believed that reaching one billion monitored transactions per month was going to represent a tipping point for our industry and we are proud to have accomplished this goal,” said Avi Turgeman, co-founder and CTO of BioCatch. “Our disruptive Behavioral Authentication solution has allowed organizations using our technology to avoid a wide array of cyber threats that would have resulted in millions of dollars in losses for their customers.”
Earlier this year, BioCatch announced a partnership with Early Warning, a fraud detection consortium established by the five largest banks in the US., allowing the banks in the consortium to gain and share behavioral intelligence to reduce new account fraud and account takeover while improving the overall user experience.
BioCatch was also granted three additional patents this year to extend its behavioral biometrics technology and American Banker named the Company a Top 20 ‘Fintech Company to Watch’. H2 Ventures and KPMG also named BioCatch a ‘Fintech 100’ company as a leading fintech innovator.
“2015 marked a very successful year of product development and consistent growth,” Turgeman said. “We are currently being used by dozens of banks and eCommerce sites around the world, and looking ahead, we plan to expand our product offerings to other industries.”