Gartner, Inc. has recently released its 2014 Market Guide For Online Fraud Detection in which the firm singles out passive biometric analysis as a feature that will start to become much more standard in the next three years.
According to the report, passive biometric analysis will become a standard feature of at least 30 percent of one-stop fraud detection solutions by 2017. This is a massive amount of growth considering that today that statistic is less than one percent.
Among the several vendors mentioned by Gartner, BioCatch makes the list of companies supplying this kind of solution. The company’s behavioral biomterics solution works towards detecting humans on the other end of online transactions in order to prevent fraud. Collecting and analyzing more than 400 bio-behavioral, cognitive and physiological traits, BioCatch creates user profiles for online banking and commerce sites.
Pleased with his company’s inclusion Benny Rosenbaum, BioCatch’s CEO, comments: “We are very pleased to be included in Gartner’s respected Market Guide for Online Fraud Detection. BioCatch works hard to provide our banking and eCommerce customers with the very best biometric authentication and fraud prevention solution, and we believe inclusion in this report, as well as the recognition we received in 2013 as a Gartner Cool Vendor, is a good indicator that we are providing the industry with an innovative and much-needed technology.”
Last month, BioCatch completed a $10 million financing round, the funding from which will be used to expand research and development efforts as well as continue company growth in American and European markets.
July 23, 2014 – by Peter B. Counter