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.

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Behavioral Biometrics Specialist BioCatch Raises $30 Million in New Funding

In a round led by Maverick Ventures, behavioral biometric innovator BioCatch has raised $30 million in new funding. The investment round, which featured participation from American Express Ventures, NexStar Partners, Kreos Capital, CreditEase, OurCrowd, JANVEST Capital and other investors, takes BioCatch’s total funding to more than $41 million.

More importantly, the financing “cements” BioCatch’s “growth plan and vision to redefine digital identity and enable renewed trust in online interactions.

“BioCatch helps answer the question, ‘who are you’ in an online world where fraudsters operate with the legitimate credentials of others, making it very hard to distinguish them from authorized users,” company CEO Howard Edelstein said. Part of an overall “identity strategy” for its clients, Edelstein noted that BioCatch’s technology takes a prevention-oriented approach to cybersecurity that creates as little friction for the customer as possible.

“(Our) strategy cuts across the digital ecosystem,” Edelstein said. “from stopping fraud in real-time to preventing fake accounts from being opened in the first place, all while enabling a seamless user experience.”

Monitoring more than 5 billion transactions a month, BioCatch’s technology develops behavioral biometric profiles of users and models various types of suspicious and malicious behavior. These profiles enable BioCatch to identify malware, robotic activity, phishing and other social engineering-based attacks as well as other threats both before and after login. The technology leverages artificial intelligence, big data, and machine learning and more than 2,000 different parameters to provide real-time alerts when pattern anomalies are spotted.

“Identity is becoming a central component that drives all things digital, which makes the BioCatch story extremely compelling on multiple levels,” Managing Director of Maverick Ventures Matthew Kinsella said.

Last fall, the Tel Aviv, Israel-based company partnered with Samsung SDS America, adding a layer of fraud protection to Samsung SDS’ Nexsign enterprise biometric authentication software. BioCatch partnered with Canadian, boutique-based systems integrator, HoneyTek Systems last September, and teamed up with risk management firm LexisNexis Risk Solutions in August. Edelstein, BioCatch chairman since 2016 who added CEO to his list of duties earlier this year, credited these partnerships for helping “demonstrate how BioCatch is contributing to digital transformation” when it comes to “chang(ing) the way identity is managed online.”

BioCatch demonstrated its Passive Biometrics/Invisible Challenges technology at FinovateFall 2014. The company was founded in 2011.

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