BioCatch will be looking to reach more customers in the financial sector after forming a new partnership with Alkami Technologies. The company will specifically be entering into Alkami’s Gold Partner Program, which provides Alkami’s extensive network of customers with a curated (and approved) list of digital banking solutions.
As it stands, Alkami is already providing digital financial services for more than 260 banks and credit unions in the United States. The new arrangement will make BioCatch’s behavioral biometrics technology more readily available to those organizations. The company’s platform analyzes behavioral traits like typing speed, screen pressure, and mouse movements to build a unique profile for each user. It then analyzes all future interactions to watch for any deviations that could point to the presence of a fraudster. BioCatch will assign a low risk score if the pattern corresponds to the profile, and a high risk score if there are too many discrepancies.
In doing so, BioCatch is able to distinguish cybercriminals from legitimate customers, and to give financial institutions a chance to step in and prevent fraudulent transactions. It also improves the customer experience, since BioCatch operates passively in the background and delivers a high level of biometric security without creating any friction for end users.
“As the digital banking ecosystem evolves, our clients rely upon us to provide them with state-of-the-art fraud mitigation solutions to protect the end user,” said Alkami Co-founder and Chief Strategy and Sales Officer Stephen Bohanon. “BioCatch’s integration with Alkami enables us to offer the best-in-class protection that today’s financial institutions need.”
“The explosion of new consumers of digital banking services over the last year has accelerated the need for technologies that can offer strong fraud protection with minimal disruption to users,” added BioCatch CRO Mike Keating. “We are pleased to partner with Alkami to leverage behavioral biometric technology for Alkami clients.”
The BioCatch system is robust enough to fend off social engineering attacks in addition to account takeovers. The company itself was recently listed as one of the 5,000 fastest-growing private companies in the United States.
September 16, 2021 – by Eric Weiss