BioCatch adds Argentine banks to trust network for real-time threat assessment and data exchange

BioCatch’s interbank intelligence network for real-time information sharing with the aim of enhancing fraud prevention in the financial sector has launched in Argentina with three pioneer members.

Banco Galicia, Naranja X, and Santander said in a joint press release on May 26 that they had joined BioCatch Trust Argentina.

The network integrates biometric behavioral analysis including keystroke dynamics and mouse activity, touch screen behavior, and swiping pressure with data from digital sessions, payments, accounts, devices, and non-monetary events, to assess the potential risk of a recipient account before a payment is processed.

Any suspicious information noticed with a recipient account is immediately reported through an expedient channel, enabling members of the network to activate or strengthen their defenses against scams and other forms of financial fraud.

Money laundering through mules has reached epidemic levels. BioCatch’s 257 financial sector customers alone reported almost 2 million bad mule accounts in 2024, a fraction of the money laundering accounts either in use or lying dormant within the world’s 44,000 financial institutions last year.

A white paper released by BioCatch earlier this year examines how biometric behavior analysis of swipe and typing patterns on devices helped identify mule activity connected to larger networks.

“By identifying an account and evaluating the wider network to which it belongs, banks can shut down more accounts and address the real problem: the criminal network behind the laundering.”

Commenting on the admission of these new financial institutions to the network, BioCatch CEO Gadi Mazor said: “Mule accounts act as a link between scams, fraudulent payments, and the proceeds of financial crimes, making it easier for cybercriminals to obtain and move their illicit proceeds. To dismantle these underlying networks of malicious accounts, financial institutions must be able to combine signals from the sender, the recipient, and the network before a transfer takes place.”

“This is a systemic issue that requires a systemic solution. It takes a network to defeat a network, and we’re proud to now offer Argentine banks the opportunity to join their own information-sharing network to fight back.”

Biocatch says the more members join the network, the more efficient and result-oriented it becomes, thanks in part to its anonymized technology.

“In the fight against fraud, collaboration between companies is key, and with BioCatch Trust, we can apply this principle intelligently,” said Pedro Adamovic, chief information security officer at Galicia.

In his remarks, Manuel Barud, head of Fraud Prevention at Naranja X, said the collaboration with BioCatch will help them ramp up their security strategies, noting that “real-time information sharing could offer an added perspective in our fraud prevention efforts.”

Fernando Turri, head of Technology and Operations at Santander Argentina said he believes in the power of collaboration in the fight against financial fraud. “BioCatch Trust Argentina allows us to anticipate threats in real time, preventing funds from reaching fraudulent accounts. With this innovative approach, we strengthen the protection of the financial system and build greater trust among our users.”

BioCatch Trust Argentina comes after the launch last year of BioCatch Trust Australia with an initial number of five financial institutions.

Article Topics

behavioral biometrics  |  BioCatch  |  biometrics  |  financial crime  |  financial services  |  fraud prevention  |  keystroke biometrics