Behavioral biometrics developer BioCatch has launched a new platform called New Account Fraud Detection. It’s pretty much what the name implies – a system on the lookout for fraudulent new user accounts in the areas of electronic commerce and payments, and retail banking.
Essentially, the system maps user behaviors, comparing unusual activity against the behavioral signature that it has produced. The behavior of fraudsters using stolen or fabricated information to set up new accounts can thus be detected in real-time, and an alert can be sent to the real user or any other concerned parties.
Speaking in a press release, BioCatch VP Oren Kedem explained that the application is a natural evolution of the technology the company has been developing, saying, “What we are basically doing is using our experience with Behavioral Biometric Authentication to identify threats such as malware and new account fraud… in a sense we are teaching our system to profile criminal behavior and later ask it ton‘authenticate’ the fraud.”
BioCatch’s technology has been generating some positive buzz lately, having raised $10 million in a financing round last June, and going on to win a major patent last month. Meanwhile, companies like NuData Security and Socure are busy pushing their own pioneering systems in this growing new field.
March 10, 2015 – by Alex Perala