BioCatch launches behavioral biometrics-based Age Analysis to protect elderly from fraud
BioCatch has launched behavioral biometrics software to help prevent fraudulent account openings targeting the elderly and vulnerable.
The new solution, Age Analysis, uses behavioral biometrics to protect against multiple fraud threats focused on attempted account openings for credit cards. The firm says more than 50 global financial organizations including a major credit card issuer are already using the solution.
The issuer found that 40 percent of its confirmed credit card applications involved a person with a declared age of over 60. The issuer also found that a significant percentage of applications for customers over the age of 60 were sent for manual review which lengthens the process and diminishes the user experience.
“We developed Age Analysis with enhancing customer protection and user experience as our guiding principles,” said BioCatch COO, Gadi Mazor. “Age Analysis empowers financial institutions with the behavioral verification protections most needed to address the growing threat of application fraud.”
As fraud and identity theft surge during the pandemic, BioCatch states that elderly populations are most frequently targeted by cybercriminals due to their lower digital literacy, higher accumulated life savings and perceived isolation.
BioCatch has recently partnered with Microsoft to expand its presence in India by offering behavioral biometrics to banks and financial institutions.
SecuredTouch integrated for PingOne Fraud launch
The planned integration of SecureTouch behavioral biometrics and analytics into the PingOne Cloud Platform was revealed along with the acquisition in June.
The new PingOne Fraud provides real-time unique session analysis to distinguish real customers from cybercriminals, and protect against threats from bots, account takeovers and new account fraud. The new solution does so while running in the background, reducing intrusive fraud prevention measures for an improved customer experience, according to the announcement.
Ping Identity has also launched PingOne API Intelligence to provide a unified view of API activity and help detect and block anomalies that may indicate threats.