BioCatch has some advice for organizations that are still struggling to set up their remote fraud prevention teams. The company notes that digital banking activity and digital fraud have both gone up during the COVID-19 pandemic, and that organizations will need to implement a coordinated anti-fraud strategy to keep their customers safe.
With that in mind, BioCatch and the Aite Group will be sharing some security best practices during a webinar that is scheduled to take place on May 5. The webinar will be hosted by BioCatch Market Strategy VP Ayelet Biger-Levin and Aite Group Research Director Julie Conroy, who will be discussing some of the lessons learned from financial institutions that have had to adjust to a remote business environment.
In that regard, BioCatch points out that an increase in remote banking activity was to be expected given recent events. People who would normally prefer to visit a physical branch location to take out a loan no longer have that option, so more of those interactions are necessarily taking place online.
The problem is that the sheer volume of digital activity makes it more difficult to distinguish fraudsters from legitimate customers. Most security teams have the ability to handle that traffic, but they usually have more time to prepare, as in the case of an event like Black Friday or Cyber Monday. COVID-19 came on suddenly, exposing security vulnerabilities as organizations scrambled to deal with an unexpected influx of requests. Some financial institutions have relaxed their security protocols to make it easier to process more requests, and many call centers are operating with reduced staff due to social distancing measures.
That’s why BioCatch will highlight the potential benefits of digital products and services during its upcoming webinar. Digital anti-fraud solutions can automate many security procedures, and reduce the amount of strain on the human components of the system.
BioCatch, of course, is best known as the developer of an automated behavioral biometric solution. The company recently received $145 million in Series C funding to continue to advance its anti-fraud technology.
April 24, 2020 – by Eric Weiss