Risk management and fraud prevention firm Early Warning has announced a strategic partnership with behavioral biometrics firm BioCatch. Their collaboration is aimed at offering solutions for financial services organizations (FSOs) to cut down on fraud and digital vulnerabilities while improving customer service.
The idea is to use Early Warning’s unique consortium business model – the company is owned and managed by five major US banks – to leverage the behavioral biometric technology offered by BioCatch. The solution will use BioCatch’s technology to collect data intelligence on fraud and general user behavior, and then share it with participating FSOs, thereby helping them to improve user authentication and the user experience in general.
Speaking in a press release, Early Warning CEO Paul Finch explained, “Integrating BioCatch’s behavior analytics, plus our ability to authenticate consumers and their devices via the Mobile Network Operators, enables participating banks to provide a more seamless and secure digital experience for their customers as well as increase their own operational efficiencies.”
It’s part of a general effort on the company’s part of build what it calls “a comprehensive platform of differentiated digital authentication solutions,” an effort helped along by the company’s recent acquisition of Authentify. The partnership with BioCatch appears to be a logical next step, given the kind of interest the latter has been enjoying from investors with respect to its pioneering mobile-based behavioral analysis technology, which should be particularly well-suited to FSOs looking for forward-thinking, user-friendly security solutions.
April 14, 2015 – by Alex Perala