“Jay’s interest in joining BioCatch is a validation of the significant market potential for digital identity solutions like ours that enhance online security without disrupting the user experience.” – Howard Edelstein, BioCatch Chairman and CEO
Behavioral biometrics specialist BioCatch has announced a new appointment to its board of directors: former JPMorgan Chase senior investor Jay Mandelbaum. Mandelbaum brings with him 20 years of financial services industry experience at the senior executive level, and is an active investor in FinTech startups. According to BioCatch’s press release announcing the appointment, Mandelbaum is an investor, advisor, and board member for Fundbox, Policygenius, and Street Contxt.
Commenting on the appointment, BioCatch Chairman and CEO Howard Edelstein said, “Jay Mandelbaum brings BioCatch extensive executive experience in its key market – financial services – along with a demonstrated ability to identify promising private growth companies and help them achieve their full potential.”
BioCatch’s AI powered digital identity system is intensely focused on the financial services market, preventing fraud via behavioral biometrics and continuous authentication. Using behavioral user profiles, BioCatch protects against fraud at all stages of the user experience, from account creation to post-login activity in an authenticated session. According to its most recent communique, BioCatch says it “monitors more than 5 billion transactions per month and generates real-time alerts whenever behavioral anomalies are detected, identifying fraud in real-time and generating significant ROI.”
Speaking on his appointment to the board, Mandelbaum commented on the company and his role:
“Given the frequency and nature of data breaches and sophisticated hacks we’ve seen of late – with no sign of them letting up – many of the processes that were developed for authenticating and validating customers, prospects and employees need to be reconsidered. With its patented technological processes and marquee customer base, BioCatch combines its innovative and cutting-edge solution with its unique market position to help enterprises protect their business, data and customers. I am excited to join the Board of this company and to put my experience to work in helping them solve the digital identity conundrum we are facing today.”
As biometric authentication continues to find adoption in financial services, and BioCatch continues to provide solutions for compliance to new regulations like PSD2 in Europe, having a board member of Mandelbaum’s caliber will no doubt be a boon moving forward for the company.
July 31, 2018 – by Peter B. Counter