BioCatch acquires AimBrain’s multi-modal biometric authentication platform
BioCatch has purchased AimBrain’s multi-modal biometric authentication platform and will integrate it with its next-generation behavioral biometrics platform to strengthen its position in the digital identity market, the company announced.
AimBrain’s solution leverages various fraud detection techniques, such as behavioral biometrics, anomaly detection and other biometric modalities, to enhance user experience and ensure compliance with KYC, AML, PSD2 and other regulatory requirements.
The team behind AimBrain will join the BioCatch team to work together on the latter’s expansion plan.
“The fraud detection and authentication industries are rapidly consolidating, and we believe that combining forces with the leading global behavioral biometrics player at this time makes tremendous sense, both for ourselves and our clients,” said in a statement AimBrain CEO Andrius Sutas. “Together, we will be able to pursue broader applications, particularly in the mobile arena which requires deep understanding of fraud behaviors and a way to allow legitimate users to transact unencumbered. We are very excited about the possibilities and to be joining the BioCatch team.”
“This is a very exciting development for us,” said in a prepared statement Howard Edelstein, Chairman & CEO of BioCatch. “AimBrain’s people, technology and intellectual property will expand our capabilities considerably and help us extend our lead in the market as we aim to continue our rapid growth in 2020 and beyond.”
The purchase price was not revealed.
BioCatch holds a portfolio of over 40 patents, with 25 pending. Following AimBrain’s purchase, four patents will be added to the list. Its platform analyzes more than 2,000 parameters of physical and cognitive user interactions from web and mobile channels, which it uses for behavioral insights applied to industry-wide use cases such as detecting stolen or synthetic identities in account onboarding, authenticating users at login, and detecting fraudulent account takeover attempts and sophisticated social engineering scams.
In November 2019, BioCatch’s platform became available on the Microsoft Azure Marketplace.