BioCatch has unveiled a new Case Manager tool that will help clients respond to fraud incidents in a more efficient manner. The new solution is fully integrated with the BioCatch Policy Manager and the company’s Truth Marketing interface.
To use the Case Manager, clients must first configure the Policy Manager to watch for certain risk factors. Any events that meet those parameters will be transferred to the Case Manager for a manual review. Fraud analysts will then compare the offending incident to previous sessions for that account to determine whether the suspicious activity is legitimate.
The solution is designed to speed up the investigations process. The Case Manager will automatically queue individual incidents based on indicators like risk score or the device or location used to access an account. As a result, administrators will be able to address the most high-priority incidents first, before moving on to lower-risk events.
BioCatch also indicated that it will use the feedback from Case Manager users to improve the performance of its behavioral biometrics platform.
“The Case Manager can be set to create cases in real-time and provide tools for fraud operators to determine whether cases appear to be fraudulent or genuine,” said BioCatch Products VP Ayelet Eliezer. “This new functionality will further enhance the BioCatch platform’s risk scores with greater accuracy as feedback is continually incorporated and increases the transparency of the decisions made by our Machine Learning-powered risk engine.”
BioCatch has repeatedly emphasized the need for strong digital security during the COVID-19 pandemic. In that regard, the company has noted that social engineering attacks and the number of mule accounts have both increased in the past few months, as has the rate of account takeover fraud.
BioCatch has also argued that behavioral biometrics offers a potential solution to that problem. The company recently received $145 million in Series C funding, and revealed that it now has more than 150 million behavioral biometrics profiles.
August 20, 2020 – by Eric Weiss