- Digital fraud detection innovator BioCatch has forged a partnership with Google Cloud.
- The two companies will leverage their new relationship to bring fraud prevention solutions to expanding markets, starting in Southeast Asia.
- Israel-based BioCatch made its Finovate debut at FinovateFall in 2014.
A new partnership between financial crime prevention specialist BioCatch and Google Cloud will help extend fraud prevention solutions into emerging markets, starting with markets in Southeast Asia. The move comes in the wake of a report from the digital fraud detection innovator that noted rapidly growing incidents of financial cybercrime in the APAC region. BioCatch’s 2023 APAC Digital Banking Fraud Trends Report underscored one threat in particular: authorized push payment (APP) attacks – which the report noted accounted for 54% of all confirmed fraud cases.
APP fraud occurs when a fraudster fools a victim into transferring money to an account controlled by the fraudster. Social engineering-based fraud such as APP has grown in recent years. This is due to both the rise in popularity of peer-to-peer payment networks, as well as successful efforts to defeat previously dominant forms of fraud such as remote takeover of victim devices.
“The APAC market has seen a massive rise in advanced financial cybercrime, with criminals adopting sophisticated social engineering tactics that have proved difficult to foil in real-time with legacy security controls,” BioCatch’s head of the APAC market Richard Booth explained. “Pre-crime logistics visibility and criminal network intelligence are vital to combatting these threats.”
BioCatch helps companies deal with this shifting landscape of digital fraud threats. The company leverages behavioral biometric intelligence and machine learning to deliver real-time threat detection and prevention. Its signature solution, BioCatch Connect, offers integrated digital fraud, AML, and impersonation detection to help banks and financial services companies detect and identify both traditional and emerging fraud threats.
BioCatch Connect works on three levels. First, the solution’s fraud telemetry collection includes thousands of app, behavioral, device, network, and transactional signals from more than eight billion individual user sessions. Second, continuous behavioral sequencing applies advanced cognitive behavioral science, data modeling, and deep learning algorithms to analyze and score data from the solution’s fraud telemetry collection. Third, BioCatch Connect leverages predictive intelligence using AI models to validate user motivation and identify the risk of potentially fraudulent activity.
Headquartered in Israel, BioCatch made its Finovate debut at FinovateFall in 2014. In the years since, the company has grown into a leader in digital fraud detection and a pioneer in applying behavioral biometric intelligence, cognitive science, and machine learning to the challenge of fighting financial crime. More than 30 of the world’s biggest 100 banks and 180+ of the biggest 500 banks use BioCatch’s technology to manage fraud risks, facilitate digital transformation, and better engage their customers. Gadi Mazor is CEO.