BioCatch reports database of over 150 million anonymous behavioral biometric profiles
Following roll-out at more than 40 global banks and financial institutions, BioCatch privacy-protected digital behavioral biometric profiles now include over 150 million individual online banking users, the company announced.
BioCatch can process in real-time over 1 billion digital sessions on a monthly basis to eliminate online fraud and cybercrime.
“Online authentication methods have to change, especially in light of the increased security risk inherent in remote access,” said BioCatch Chairman and CEO Howard Edelstein in a prepared statement. “With behavioral biometrics, we passively monitor digital sessions from start-to-finish, eliminating friction for online banking users and keeping their assets safe from the rising tide of cybercrime. We’ve reached 150 million user profiles because we’ve been collecting digital data for almost a decade, far longer than anyone else. That’s why we can detect anomalies faster and with more accuracy than anyone else, even without collecting any PII.”
The company first introduced behavioral biometrics to prevent online fraud in 2011, and has been collecting data ever since. It leverages behavioral biometrics to identify physical and cognitive device interactions, but it does not collect personally identifiable information, according to the announcement. BioCatch has expanded its use cases to include detection of stolen or synthetic identities used during onboarding, account takeovers and social engineering attempts.
Since the COVID-19 pandemic started, there’s been an increase in cybercrime. Barracuda Networks reports a 667 percent increase in phishing attacks, while Darktrace notes a 5-fold growth in phishing attempts in the U.K.
“With the rapid growth in digital-first channel usage has come a rapid growth in cyberattacks, typically engineered with stolen credentials,” said Julie Conroy, research director, Aite Group, in a prepared statement. “As banks and other financial institutions compete to provide the best customer experience over these channels, low-friction security techniques such as compiling large amounts of behavioral data have become a powerful contributor to making fraud risk decisions for these institutions.”
In 2019, BioCatch reported an annual revenue growth by 150 percent, and claims to be on a similar path for 2020. The company recently closed a $145 million Series C investment round to expand product portfolio. Shortly after, BioCatch appointed Mark Elliot as Chief Marketing Officer to lead the global growth of its brand.