BioCatch to integrate behavioral biometrics into Experian fraud and ID platform
The integration of BioCatch’s behavioral biometric technology into the CrossCore platform will boost security measures to detect fraud in real-time.
The increased security measures could, for example, focus on the way users behave as they fills out an online credit card application — all without compromising the overall user experience or slowing down the application process.
“New account fraud, which is looked at as the gateway for hackers, ends up costing businesses and consumers a lot of money and headaches — and it’s only getting worse,” Eyal Goldwerger, CEO of BioCatch. “We’re excited to be working with Experian to help prevent new account fraud, providing a completely new layer of security using behavioral biometrics by focusing on ‘how’ a user enters information into an application, not ‘what’ information is being entered, in a seamless way that does not add any friction to the application process.”
In an effort to prevent new account fraud, BioCatch maps criminal behavior throughout the initiation process.
The company’s proprietary technology distinguishes between a real user and a fake account user by recognizing normal user behavior and fraudster behavior.
These biometric behavioral practices include Application Fluency, when actions reveal a consistency with the site and the process used to open a new account; Navigational Fluency, when advanced computer skills are used that are almost never seen among real users, like function keys and keyboard shortcuts; and Data Familiarity, when fraudsters submit victim’s data without intimate knowledge of the information, which reveals noticeable differences in data entry patterns.
“Companies need to constantly evolve to keep up with the fast pace of fraud,” said Kathleen Peters, global vice president of product management, fraud and identity at Experian. “CrossCore gives companies more choices to use the capabilities they need when they need them – their own, ours and even third party solutions. Our partnership with BioCatch is another example where clients can stay ahead of the latest fraud threats by easily accessing behavioral biometrics as part of their fraud prevention strategy.”
BioCatch currently has secured over 18 patents including an additional 29 filed, and works with several major banks for which they monitor more than two billion transactions a month.
Previously reported, BioCatch launched its next-generation platform to optimize the implementation and performance of behavioral biometrics online and on mobile at the enterprise level.