Challenger bank integrates BioCatch behavioral biometrics to secure fast onboarding
Australian challenger bank 86 400 will provide its clients with secure digital onboarding and better address digital fraud through a partnership with BioCatch to integrate behavioral biometrics into its onboarding platform.
BioCatch’s machine learning technology, which registers behavioral patterns such as swipe patterns, typing speed, and device orientation, was implemented by the bank within a span of four weeks to help protect its customers from the rising risks of phishing and account takeovers. The bank says BioCatch’s biometric authentication support its smooth and secure client onboarding process that takes only two minutes.
“In today’s increasingly digital world, detecting and preventing fraud is more important than ever,” BioCatch CEO Howard Edelstein comments. “Our unique approach and behavioral insights are helping innovators like 86 400 to prevent fraud without getting in the way of the customer experience. We are excited about the future of this partnership and the potential to expand BioCatch’s protection throughout the entire customer experience.”
“Our customers love how easy it is to bank with 86 400, including our incredibly fast onboarding experience,” states 86 400 CRO Guy Harding. “Partnering with a fellow tech innovator like BioCatch gives us best-in-class protection from impersonation fraud, without compromising our market-leading experience – particularly our two-minute onboarding for new customers.”
BioCatch recently noted the Reserve Bank of India’s secure payments guidance and its inclusion of behavioral biometrics as a way to apply effective anti-fraud measures to large-scale systems.