Behavioral biometrics power anti-fraud tool from BioCatch, deal for Nice
Money mules, people who move money around for criminals, are the most critical part of the fraud and money laundering industry. Anti-fraud behavioral biometrics provider BioCatch says it has a new weapon to battle them that can identify 98 percent of active mule accounts before existing systems and 70 percent of new mule accounts before the first transfer.
BioCatch Scout link analysis technology detects global criminal networks of connected accounts, devices, and individuals associated with fraud or money laundering. The anti-money laundering (AML) product enhances its existing BioCatch Mule Account Detection framework by providing an added layer of behavioral intelligence, revealing clusters of connected and suspected mule account activity, the Israeli company says in a release.
“BioCatch’s ability to detect money mules before they transact is transforming how fraud and compliance teams disrupt financial crime and protect their customers from next-generation scams,” says Kevin Donovan, VP of new products at BioCatch.
Fraud has been rising thanks to the availability of quick mobile payments and synthetic identities. BioCatch says that around 0.3 percent of all U.S. accounts are mule accounts which translates to nearly US$3 billion in fraudulent fund transfers a year. The company also detected a 200 percent surge in voice scams from 2022 to 2023 in the APAC region. In a separate research, it found that 78 percent of financial institutions are concerned about their ability to respond quickly and effectively to emerging threats.
Nice Actimize to help GoTyme Bank prevent fraud
Anti-fraud solutions maker Nice Actimize will provide its financial crime-fighting products to GoTyme Bank, a digital-only bank operating in the Philippines.
Nice Actimize, part of cloud and enterprise software maker Nice, will offer its AML and anti-fraud tools, such as suspicious activity monitoring, customer due diligence, sanctions screening and end-to-end enterprise fraud prevention.
The integration will help GoTyme bank keep their customers secure, according to the announcement. The bank, which was launched as a collaboration between the Filipino business conglomerate Gokongwei Group and Singaporean digital bank Tyme, offers Filipinos easy account openings through kiosks located in shopping malls.