BioCatch, a digital fraud and money laundering detection and response firm, has launched its new Anti Money Laundering (AML) product portfolio: ‘BioCatch Connect’.
BioCatch Connect is a fully integrated fraud and AML product portfolio that aims to proactively detect and accelerate targeted interdiction of fraudulent activities and identifies criminal actors targeting customers of the world’s largest brands.
The launch comes at a crucial time for the global financial community. Financial scams, such as authorised push payment and remote access scams, increased by around 30 per cent last year, according to BioCatch data.
In the past, these types of scams were considered ‘authorised’ – leaving consumers unprotected and fraud reimbursement up to each financial institution. New regulatory proposals, such as the UK’s Payment Systems Regulator (PSR) and the EU’s Payment Services Directive III (PSD3), require mandatory reimbursement and shared liability models between the sending and receiving banks. Because of these, much of the financial industry now has to reevaluate fraud management and AML practices.
Early access customers of BioCatch Connect realised various benefits over legacy fraud detection platforms, including:
- 1500 per cent improvement in fraudulent account detection
- 80 per cent reduction in transaction-related fraud rates
- 40 per cent in improvement in customer experience
- 30 per cent reduction in false positive rates
Unlike legacy fraud detection solutions, BioCatch Connect puts behavioural biometric intelligence at the centre of its artificial intelligence and machine-learning models rather than as a secondary signal.
Integrating application, behaviour, device, network, and transactional telemetry continuously from session inception to completion, across a community of millions of users worldwide, makes signal fidelity more accurate, with fewer false positives – also resulting in greater efficacy for fraud and AML teams.
The power of collaboration: “AÂ fraud-fighting community”
Gadi Mazor, CEO of BioCatch, explained the potential impact its new product portfolio could have: “As a digitised society, we have reached a point where the very technology we have come to favour for communication, education, and banking transactions has become a conduit for criminals to coerce us, to intimidate us, and to steal our financial assets. The legacy technologies deployed within the banking community simply cannot match the innovation and speed of fraudsters.
Mazor also discussed the value of collaboration in the space: “BioCatch Connect delivers a new generation of intelligence and visualisation tools, data science models, and machine learning engines to interdict the exploitation of human kindness, emotion, greed, naivety, and trust. As a fraud-fighting community, we have the opportunity, capability, and duty to fight fraud by sharing, learning and going on offence together. We’ve designed, built, and tested BioCatch Connect to be the solution to accelerate this collaborative industrial journey.”
Jonathan Daly, CMO of BioCatch, also commented on the importance of collaboration when tackling fraudsters: “We firmly believe that the only way to defeat today’s digital fraud is together.
“Our role is to connect our fraud experts with other thought leaders around the world; connect banks to banks; connect fraud teams with AML teams; connect and analyse signals that reveal the story behind the numbers and provide actionable insights.”
