BioCatch is celebrating a major milestone, announcing that it now has more than 150 million behavioral profiles in its database. The company was founded in 2011 and has already gained considerable traction in the financial services industry, providing behavioral biometrics security for more than 40 banks and financial institutions around the world.
“With the rapid growth in digital-first channel usage has come a rapid growth in cyberattacks, typically engineered with stolen credentials,” said Aite Group Research Director Julie Conroy. “Low-friction security techniques such as behavioral data have become a powerful contributor to making fraud risk decisions for these institutions.”
With 150 million individual profiles, BioCatch claims that its flagship platform is now being used to analyze more than 1 billion digital sessions on a monthly basis. The company notes that it does not need to collect any personally identifiable information to generate a new profile, which means that its vast trove of behavioral data remains completely anonymous as far as BioCatch is concerned.
BioCatch also argues that its technology can help address the dramatic spike in cybercrime since the start of the COVID-19 pandemic. Barracuda Networks has reported that phishing attacks are up 667 percent since the end of February, and BioCatch has released several primers that explain how behavioral biometrics can spot new account fraud, account takeover fraud, and social engineering attacks.
“Online authentication methods have to change, especially in light of the increased security risk inherent in remote access,” said BioCatch Chairman and CEO Howard Edelstein. “We passively monitor digital sessions from start-to-finish, eliminating friction for online banking users and keeping their assets safe from the rising tide of cybercrime.”
BioCatch is hoping to carry its recent momentum through the rest of 2020. The company’s annual recurring revenues went up 150 percent in 2019, and it raised $145 million in Series C funding in a round that concluded back in April.
June 25, 2020 – by Eric Weiss