From iCloud to Home Depot, is anybody else looking for some good news when it comes to digital security?
Fortunately, BioCatch – who will be making its FinovateFall 2014 debut later this month – is punching through the “Who Got Hacked?” gloom with news that its mobile security technology is now out of beta.
BioCatch CEO Benny Rosenbaum highlighted two features he thinks will help separate BioCatch Mobile from the rest of the multi-authenticating pack. “What makes our solution so unique is the fact that it’s completely transparent, works behind the scenes, and yet is far more secure than traditional two-factor authentication, ” he said.
How so? BioCatch specializes in cognitive biometrics. Cognitive biometrics provides for a greater range of inputs than many multi-factor authentication schemes. For example, BioCatch not only creates a unique signature based on physical factors such as left or right-handedness, but also factors in device interaction patterns, geolocation, and more.
The goal is to help identify many of the more common security breaches experienced by FIs and their customs. These include account takeover and malware threats, as well as identifying the presence of “jailbroken” devices. The trick, said Rosenbaum, is to allow banks to “add new functionality without admitting new fraud or creating new friction.”
Founded in 2011 and headquartered in Boston, BioCatch was recognized last December by Aite Group as an “emerging player in biometric authentication.” And Gartner called BioCatch a “Cool Vendor in Security” as recently as April 2013. The company announced that it had raised $10 million in new funding in June, courtesy of investments from Blumberg Capital and OurCrowd, as well as existing investors.