BioCatch Brings on New Chief Revenue Officer

Behavioral biometrics expert BioCatch brought on a new team member today. The company appointed Bill Sytsma as Chief Revenue Officer.

Bill Sytsma

Sytsma is a 20-year veteran of the software and security industry. Most recently, he served as a vice president of sales at ThreatMetrix. In addition to that role, Sytsma has worked at Emulex, iPass, Aveksa, Lumigent Technologies, and EMC.

“As we accelerate our plans for growth, Bill is the ideal person to lead the effort,” said BioCatch CEO Howard Edelstein. “He has vast experience as well as a proven ability to scale global sales efforts, secure new client relationships and drive revenue, exactly what is needed to enhance the results generated by our seasoned and talented team to date.”

The appointment of Sytsma is the latest in a recent string of C-level appointments for Israel-based BioCatch. Last year, the company named Gadi Mazor COO and Paul Mattison CFO.

BioCatch’s technology works by embedding what the company calls Invisible Challenges into online and mobile user experiences. The challenges are a set of subtle tests that the user subconsciously responds to. The user’s responses help to distinguish themselves over a fraudulent person or bot without interrupting the user experience.

BioCatch has raised $41.6 million since it was founded in 2011. At FinovateFall 2014, the company’s cofounder Uri Rivner demoed how some of the Invisible Challenges work.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BioCatch Teams Up with Entersekt

A new partnership between behavioral biometrics innovator BioCatch and fintech solution provider Entersekt will help financial services companies offer more secure digital banking and payment experiences for their customers. With options like passwordless login and enhanced remote user registration, the collaboration will give clients a “one-stop-shop” for continuous and multi-factor authentication.

Entersekt SVP for North America Sherif Samy called BioCatch’s technology “an exciting alternative” to the biometric-based security solutions already provided on its platform. “It will add value for our customers, especially in usability, by helping to determine when step-up authentication is really required and when we can safely leave the user to go about their business uninterrupted,” Samy said.

BioCatch analyzes the interactions between users and their devices to reduce fraud and provide online identity verification. The partnership means that when BioCatch’s biometric behavioral technology identifies anomalous behavior, it sends an alert to Entersekt’s security platform for an out-of-band, multi-factor authentication (MFA) via device validation.

“Our combined approach with Entersekt answers the call,” Avi Turgeman, BioCatch founder and CTO said of the challenge of simultaneously providing a seamless customer experience and strong online security.” The collaboration, he said, joins “(b)ehavioral biometrics as ‘who you are,’ the mobile device as ‘what you have,’ and the additional elements required to step up a transaction in real time if there is a problem.”

BioCatch demonstrated its Passive Biometrics technology at FinovateFall 2014. Founded in 2011 and headquartered in Israel, the company announced earlier this month that it was adding touchscreen pressure to its set of behavioral biometrics. At the beginning of the year, BioCatch unveiled a new solution designed to help fight “vishing,” a form of automated push payment fraud.

With investors including Blumberg Capital, OurCrowd, and Maverick Ventures Israel, BioCatch has raised $41.6 million in funding.

South Africa-based Entersekt presented Securing Mobile Applications Through Transport Layer Diversity at our developers conference, FinDEVr SiliconValley in 2014. The company’s technology is deployed in 45 countries around the world, and defends 150 million transactions a month from cyberfraud.

Last month, Samy was recognized by One World Identity (OWI) as a top influencer in the field of digital identity. Entersekt began 2019 with a number of major hires, bringing on digital identity and business development specialist Jennifer Singh, as well as adding a country manager for South Africa and a VP of engineering services.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

New Threats, New Solutions: BioCatch Joins Anti-Vishing Fight

Vishing, a type of authorized push payment (APP) fraud, just gained a new enemy. Behavioral biometrics innovator BioCatch has unveiled a new solution to help fight what the company called “the fastest growing and hardest-to-detect” fraud of its kind in the U.K.

Avi Turgeman, CTO, VP of Business Development, and founder of BioCatch, explained why vishing – in which fraudsters impersonate bank or law enforcement officials in order to fool victims into transferring funds – is so difficult to stop.

“It’s essentially a person defrauding him or herself while under the influence of a con artist,” he said. “Traditional fraud detection measures do not work in this instance – the real person is logging in from their own device at the correct location conducting a fully authorized transfer.”

BioCatch’s new solution focuses on subtle behavioral changes that indicate that the user may be under the influence of a vishing type scam. Turgeman said that the offering analyzes more than 2,000 behavioral parameters in real time to determine if the user’s behavior is being directed by a fraudster – all without interrupting the user journey.

Aite Group analyst Julie Conroy praised this aspect of the technology, noting that it is effective in preserving customer engagement, as well as in catching fraudsters. “The BioCatch approach works particularly well in the case of vishing because it relies on subconscious user behaviour that divulges whether a person is under the influence of a fraudster,” Conroy said. She added, “(The) technology is great for banks because it maintains a frictionless online experience for their customers.”

Vishing scams were responsible for £36.6 million in losses in the first half of 2018 alone, according to a UK Finance report. The 3,866 confirmed vishing cases cost those affected an average of £9,000 each.

Founded in 2011 and based in Tel Aviv, Israel, BioCatch demonstrated its Passive Biometrics/Invisible Challenges technology at FinovateFall 2014. More recently, the company partnered with fellow Finovate alum ACI Worldwide, teamed up with seven tier-one Latin American banks, and joined the ForgeRock Trust Network as a Principal Partner, providing its technology  as an integrated module to the ForgeRock platform.

With $41.6 million in funding, BioCatch includes Blumberg Capital, OurCrowd, and Maverick Ventures Israel among its investors.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BioCatch Brings Behavioral Biometrics to ACI Worldwide

A new partnership between real-time electronic payment and banking solutions provider, ACI Worldwide, and behavioral biometrics specialist, BioCatch, will deliver better online and mobile fraud prevention to banking customers. Along with the advanced analytic capabilities of ACI Worldwide’s UP Payments Risk Management, BioCatch’s behavior assessment technology will help institutions better defend themselves and their customers from a growing variety of cyberthreats.

“As online and mobile banking proliferates, fraudsters are consistently finding new ways to infiltrate banks’ systems, creating havoc for consumers and businesses alike,” BioCatch CTO and founder Avi Turgeman said. “By using behavioral data to distinguish between a genuine customer and a fraudster – whether human or non-human – we are able to detect fraudulent activity in real-time and protect consumers.”

ACI Worldwide global director for Payments Intelligence & Risk Solutions Cleber Martins pointed to threats like account takeover, social engineering, and bots as the main obstacles for institutions that are attempting to provide “enriched customer experience(s).” He praised the way BioCatch offers “cost-efficient access to behavioral biometrics” solutions to enable banks to “further promote safety and loyalty through the online relationship with their clients.”

BioCatch demonstrated the Passive Biometrics/Invisible Challenges mechanism of its cognitive behavioral biometrics technology at FinovateFall 2014. The mechanism injects a dynamic, cognitive challenge during the user’s interaction with an app. The challenge is so subtle that the user responds to it without being aware that the challenge has occurred. This response helps define the user’s relationship with the app, providing a unique user profile that reduces vulnerability to a variety of cyber threats.

Founded in 2011 and headquartered in Israel, BioCatch has raised $41.6 million in funding, and includes Blumberg Capital, OurCrowd, and Maverick Ventures Israel among its investors. In October, the company announced that it was partnering with seven, tier-one Latin American banks in Brazil, Chile, Colombia, and Mexico. Earlier this year, BioCatch teamed up with ForgeRock, offering its behavioral biometrics solution as an integrated module to ForgeRock’s platform.

ACI Worldwide powers electronic payments for more than 5,000 institutions globally, including more than 1,000 of the world’s largest financial institutions and service providers. The company participated in our developers conference, FinDEVr Silicon Valley 2016, presenting Simple, Global, and Secure eCommerce Payments with ACI Worldwide’s Next-Generation API. The discussion focused on the technical challenges of payments integration and the value of using an end-to-end solution with integrated real-time fraud prevention.

Founded in 1975 and based in Naples, Florida, ACI Worldwide trades on the NASDAQ under the ticker ACIW, and has a market capitalization of $3 billion.