Target market
Banks
Financial services
Payments
Insurance
Contact details
heidi.bleau@biocatch.com
Geographical presence
US, EMEA, APAC, LATAM
Year founded
2011
Investors
Bain Capital, Maverick Ventures, Janvest Capital, OurCrowd, and BioCatch's Client Innovation Board which includes: American Express, Barclays, Citi, HSBC and National Australia Bank, among others. Reference: https://www.biocatch.com/press-release/major-global-banks-invest-20-million-in-biocatch-and-join-american-express-ventures-on-new-client-innovation-board
Member of industry association and/or initiatives
UK Finance, Women in Payments
Company's motto
Behaviour Tells All
CORE SOLUTION
BioCatch behavioural biometrics analyses physical and cognitive digital behaviour to distinguish between genuine users and cybercriminals, detect fraud and identity theft, and improve customer experience.
Fraud and financial crime hub - decisioning platform
BioCatch provides a risk analysis to its customers which includes a best-of-breed risk score and leading fraud/genuine indicators and hundreds of supporting data points. A decision on a course of action is determined by the customer's business policies and it is up to them to determine whether to deny, allow, review, or authenticate an activity. Using the BioCatch Rule Manager, customers can create the appropriate logic to define the course of action. The logic takes into account BioCatch insights and can also incorporate external facts and risk scores which can be sent via API.
Transaction fraud
The BioCatch solution monitors user behaviour throughout entire digital sessions, capturing data continuously. From login to logout, BioCatch analyses the way the user behaves to determine the risk level of a session. Customers can leverage the BioCatch Rule Manager to automate decisioning to prevent transaction fraud when risk is high. BioCatch can consider other transaction data in making a risk decision, such as transaction amount, if sent via API from the customer.
Account fraud
BioCatch delivers a number of offerings to prevent account fraud.
1. Account Opening Protection which detects a broad range of account opening fraud threats including identity theft, synthetic identity fraud, and mule accounts.
2. BioCatch Account Takeover Protection which provides a greater breadth of coverage against the most sophisticated account takeover fraud threats including: bots and aggregators, malware, social engineering voice scams, Remote Access Tools (RATs), mobile emulators, and stolen account credentials.
3. Social Engineering Fraud Protection which detects subtle behavioural anomalies and indicators that suggest a victim is being unwittingly guided through a fraudulent money transfer.
4. Mule Account Detection which prevents new mule account creation at the account opening stage and detects existing accounts being used as mules.
5. BioCatch for PSD2/SCA which supports the SCA flow under PSD2.
AML transaction monitoring
BioCatch supports AML operations by detecting the use of synthetic identity or misuse of Personally Identifiable Information (PII) in the new account opening process to prevent mule account creation under a false or stolen identity. In addition, the BioCatch Account Takeover Protection solution detects mule activity across existing accounts to enable AML professionals to manage and prevent unauthorized payments or transfers.
KYC remediation
BioCatch Account Opening Protection analyses digital interactions to increase the confidence that it is a legitimate applicant by analysing common behaviours such as level of data familiarity, amount of error, corrections, copy & paste activity, and process familiarity.
Authentication
BioCatch analyses behavioural, device, and network attributes to conduct One-Time-Passcode (OTP) profiling and offers a layer of entry of familiar information to protect the Strong Customer Authentication flow under PSD2.
Technology
Native cloud
BioCatch is a cloud-based solution delivered via Microsoft Azure.
DATA INPUT: Online authentication capabilities
Behavioral biometrics
BioCatch behavioural biometrics platform analyses a user’s physical and cognitive digital behaviour to distinguish between genuine users and cybercriminals in order to detect fraud and identity theft and improve customer experience. This is accomplished by profiling user behaviours such as mouse movements, typing cadence, swipe patterns or device orientation. The activity is then compared against the historical user profile for the individual account to provide a passive authentication layer and against population level patterns to identify statistically observed norms for ‘good’ and ‘bad’ behaviour.
Device fingerprinting
BioCatch device fingerprinting is comprised of a rich set of mobile and web device elements such as fonts, cookies, browser storage, installed applications, Mac addresses, number of cores, etc.
Geo-location
BioCatch considers geo-location as part of its risk analysis.
Remote access detection
The BioCatch Account Takeover Protection solution continuously analyses a user's digital and cognitive behaviour to detect behavioural indicators that align with popular attack methods, including Remote Access Tool Attacks.
3-D Secure 2.0
BioCatch delivers behavioural biometrics to support the 3DS flow under PSD2.
DATA INPUT
Abuse list
BioCatch supports IP reputation capabilities within a single customer environment as well as across customers.
Information Sharing
The BioCatch Network provides sharing of cross-institution fraud indicators and intelligence to enhance fraud detection.
METHODOLOGY: Machine Learning
Rule-Based
The BioCatch platform detects fraud and identity theft using machine learning techniques and built-in behavioural rules. Financial institutions can further customize the solution according to their business objectives by leveraging the BioCatch Rule Manager to influence the overall risk score.
Supervised ML
The BioCatch model utilises a Gradient boosting technique which is utilised for model development by the vendor and model implementation at the customer site.
Unsupervised ML
Unsupervised machine learning methods are currently utilised only for the purposes of proprietary research and development activities. These techniques are not implemented in client production environments; however, we expect to incorporate them in the near future following advanced research in this area.
METHODOLOGY: Decisioning
Manual review The BioCatch Analyst Station provides fraud teams with the visibility they need to easily identify, investigate, and act upon potentially fraudulent activity in user accounts. The Analyst Station provides deep visibility into all behavioural, device, and location insights and a powerful set of visualisation tools, including video reconstruction which allows fraud operators and analysts to replay user session behaviour to aid in manual investigation.
Case management
The BioCatch Case Manager empowers fraud teams to investigate high-risk activities and provide genuine and fraud feedback in real-time, reducing the fraud-review operational cost and enhancing accuracy of the BioCatch risk engine based on confirmed fraud cases. The Case Manager tool helps simplify investigation and drives faster resolution, while providing visibility into the fraud operators activities and workload.
Decision orchestration
The BioCatch Rule Manager allows customers to create rules using BioCatch insights and external data to trigger a broad range of policy actions including:
Decline – Stops the transaction;
Authenticate – The user is asked to pass additional authentication (e.g. provide a code that was sent over SMS);
Review – The activity should be reviewed later, and the user can proceed with their activity;
Allow – lets the transaction proceed due to low risk;
Custom – Customers have the option to define a custom action that is meaningful to their system (e.g. this could be used to provide indication that a specific authentication method should be used).
In addition to the above policy actions, rules can also be created using the BioCatch Rule Manager to customize the risk score output, generate a case within the BioCatch Case Manager and configure email alerts and push API notifications.
BUSINESS MODEL: Pricing and Services
Pricing model
BioCatch offers a number of product offerings and pricing varies based on product type, contract length, number of users, and other variables.
Training & Support
BioCatch customers are assigned a solution engineer to oversee the deployment and implementation process and ensure quick time to value. In addition, customers also benefit from an assigned Engagement Manager and Threat Analyst for day-to-day support and ongoing training. Further, BioCatch's support team is available 24/7 via phone, email, and customer portal (BioCatch Connect). Customers receive product training as part of the onboarding process and in advance of major releases.
Main clients/references
BioCatch policy does not allow sharing this information; however, BioCatch protects leading financial institutions and their customers across the globe.
Case studies
Top 5 US Credit Card Issuer Realised USD 10 mln Annual Uplift by Detecting New Account Fraud: https://www.biocatch.com/hubfs/White%20Papers/New%20Brand/Biocatch_CS_Top5_US_Cards_13_Sept.pdf
Top US Credit Union Reduces Zelle Fraud Losses by 95% in Two Months: https://www.biocatch.com/hubfs/Case_Studies/Case%20Study%20Reduce%20Zelle%20Payment%20Fraud.pdf
Top 5 UK Bank Saves GBP 500 K per Month in Fraud Losses by Preventing Social Engineering Voice Scam Transactions: https://www.biocatch.com/hubfs/Case_Studies/BC%20CS%20APP%20Fraud%20V6.pdf
Top LATAM Bank Decreases Mobile Social Engineering Fraud by 67%: https://www.biocatch.com/hubfs/White%20Papers/New%20Brand/Biocatch_CS_Top_LATAM_Bank_22_Oct.pdf
Awards
Deloitte's Technology Fast 500
https://www.biocatch.com/press-release/biocatch-named-to-deloittes-2020-technology-fast-500
Future developments
BioCatch is continuing to develop its advanced mule account detection and PSD2 SCA solutions as well as extending its Social Engineering Scam Detection solution to new use cases such as Business Email Compromise (BEC). In addition, BioCatch is continuously working to introduce additional capabilities to enhance fraud investigation and operations such as advanced BI tools, dashboards, and reports.