BioCatch has launched a revamped anti-fraud platform with the company’s pioneering behavioral biometrics technology at its core.
Dubbed “BioCatch Connect”, the platform applies AI to the analysis of data from a range of sources, including applications, devices, networks, and more, allowing it to also analyze user behavior in a particular context.
The solution comprises three core elements, with a fraud telemetry collection being foundational. Operating through a lightweight mobile and web SDK, this layer continuously collects thousands of signals from data sources.
The second core element is BioCatch’s “Continuous Behavioral Sequencing” system, which uses advanced behavioral biometrics, data modeling, and machine learning technologies to assess the information coming in through the fraud telemetry collection.
Finally, a “Predictive Intelligence” module automatically structures and visualizes the intelligence being collected and analyzed, delivering an easy-to-understand assessment based on dynamic user risk scoring. This is real-time, actionable intelligence that cybersecurity administrators can use to assess any potential threats.
BioCatch has already offered early access to its new solution to select clients, who in turn have reported impressive results, including a 1,500 percent improvement in fraudulent account detection and a 30 percent reduction in false positive rates. BioCatch says customers have also used BioCatch Connect to discover 98 percent of active mule accounts in advance of alerts from their existing anti-fraud systems.
“BioCatch Connect delivers a new generation of intelligence and visualization tools, data science models, and machine learning engines to interdict the exploitation of human kindness, emotion, greed, naivety, and trust,” asserted BioCatch CEO Gadi Mazor. “As a fraud-fighting community, we have the opportunity, capability, and duty to fight fraud by sharing, learning and going on offense together. We’ve designed, built, and tested BioCatch Connect to be the solution to accelerate this collaborative industrial journey.”
The solution’s launch comes shortly after BioCatch’s report of a 200 percent surge in voice-based digital banking scams in the APAC region, among other alarming fraud trends — underscoring the need for next-generation anti-fraud technologies like those powering BioCatch Connect.
August 7, 2023 – by the FindBiometrics Editorial Team