BioCatch signs up seven tier-one banks in Latin America for behavioral biometric fraud prevention
BioCatch has announced partnerships with seven tier-one banks in Latin America to protect them against the region’s increasing risk of cyberattacks with behavioral biometrics.
The new customers are located in Brazil, Chile, Columbia and Mexico. BioCatch cites a recent poll from Stanford Business which shows that 70 percent of banks in the region consider other banks with better digital capabilities to be their main threat, and says that online and mobile bank account takeover, remote access attacks, overlay or man-in-the-browser malware and social engineering specific to the region are frequent.
“Banks in Latin America face significant challenges coming from data breaches, mobile malware, banking Trojans and other cybercrime threats that are more often than not, homegrown,” says Rodrigo Colossi, IT Superintendent of Brazil’s Itau Unibanco. “Solutions like BioCatch’s behavioral biometrics technology helps us to manage these threats while enabling a good user experience online, which is very important for us to compete in today’s economy. We have experienced first-hand the significant return on investment that BioCatch provides and this comes from not only catching the fraud that traditional solutions miss, but from reducing the operational costs and lost customer revenue that comes from too much disruption in the digital channel.”
BioCatch’s online application analyzes more than 2,000 behavioral profiling metrics, and will process 300 million transactions per month from more than 25 million online and mobile users.
“While the demands of VIP customers and millennials are driving digital transformation efforts around the world, Latin America, with one of the highest smartphone penetration rates in the world, is experiencing unique pressures to figure out the balance between security and the user experience,” says Oren Kedem, Vice President of Latin America for BioCatch. “Latin America is different than other regions in that fraud rates are very high and the vast majority of cybersecurity attacks originate in the region as opposed to being launched from other parts of the world. Fraudsters in Latin America deploy targeted attacks in a homegrown fashion that are not seen elsewhere, which is challenging for traditional cybersecurity providers to keep up with. This cat and mouse game ends with BioCatch technology, which is not reliant on known strains of cyberattacks or other static measures of authentication.”
As it scales to serve more end-users, BioCatch recently deployed Redis’ database-as-a-service. The company is showcasing its new account fraud and account takeover prevention solution at the CELEAS financial services security conference this week in Miami.
Ipsidy is also offering its multi-factor biometric authentication service IDLok to financial institutions in Latin America through a partnership formed with Datapro earlier this year.