New offering from BioCatch combats vishing with behavioural biometrics
BioCatch has introduced a new offering to help protect consumers from phone scams known as vishing, a type of Authorised Push Payment (APP) fraud.
Vishing, the fastest growing social engineering scam in the UK, involves fraudsters impersonating bank or other officials to trick victims into transferring funds. UK Finance reported that in the first half of 2018, nearly 4,000 UK banking customers lost an average of more than £9,000 each due to vishing scams.
According to the announcement, the new offering from BioCatch detects in real-time subtle changes in known user behavior that suggest the victim is unwittingly taking instruction to conduct fraudulent money transfers. BioCatch technology leverages 39 patented advanced data science and AI techniques and 25 more with patents pending to analyze user’s online interactions in real-time and generates behavioral insights. Among these insights are indicators that suggest a person is conducting a transaction under the influence of a fraudster.
“Vishing, a type of APP fraud, is one of the hardest social engineering scams to detect because it’s essentially a person defrauding him or herself while under the influence of a con artist,” explains Avi Turgeman, founder, CTO and VP of Business Development at BioCatch. “Traditional fraud detection measures do not work in this instance – the real person is logging in from their own device at the correct location conducting a fully authorized transfer. Nonetheless, by analyzing more than 2,000 potential behavioral parameters in real time that does not disrupt the user journey, BioCatch can discern whether or not a person is being directed by a fraudster.”
In December payments provider ACI Worldwide partnered with BioCatch to reduce fraud using behavioral biometrics.