Behavioral biometrics expert BioCatch has announced the launch of a new account opening solution to help protect people from financial fraud.
Age Analysis is designed particularly for elderly users, who can be among the most targeted age groups by cybercriminals who see them as particularly vulnerable due to a perceived lower average level of digital and online experience, accumulated life savings, and loneliness or isolation.
Age Analysis works by using behavioral biometrics to monitor the user’s activity, and uses the data it collects to determine their behavioral age, which it then compares against their actual declared age.
BioCatch’s Age Analysis solution looks to protect customers against identity fraud threats that focus on account origination for credit cards. According to the Federal Trade Commission, in 2020, an estimated 1.4 million reports of identity theft cost consumers a total of almost $3.3 billion in the United States alone.
“We developed Age Analysis with enhancing customer protection and user experience as our guiding principles,” said BioCatch COO, Gadi Mazor. “At BioCatch, we work closely with our clients to develop the most forward-thinking behavioral solutions to solve the ever-evolving challenges in combating fraud. Age Analysis empowers financial institutions with the behavioral verification protections most needed to address the growing threat of application fraud.”
This announcement comes at a time when, due to the ongoing challenges presented by the COVID-19 pandemic, instances of cybercrimes — and fraud in general —have been rising dramatically along with a rapid rise in online traffic.
As a response to this growing problem, BioCatch has repeatedly espoused the benefits of behavioral biometrics in protecting consumers, as opposed to the traditional PIN/password modality which is seen by many as outdated and a point of attack for many fraudsters.
In recognition of its continued growth, BioCatch was named to the Inc. 5000 list of the fastest growing companies in the U.S. this past August.
October 13, 2021 – by Tony Bitzionis