BioCatch fights phone scams with new behavioural biometrics offering

Tuesday 22 January 2019 10:33 CET | News

BioCatch, a global provider of behavioural biometrics, has introduced a new offering to help protect consumers from phone scams known as vishing.

Vishing is a type of Authorised Push Payment (APP) fraud, which involves fraudsters impersonating bank or other officials such as the police to trick victims into transferring funds. This type of fraud has become the fastest growing social engineering scam in the UK. UK Finance reported that in the first half of 2018, nearly 4,000 UK banking customers lost an average of more than GBP 9,000 each due to vishing scams.

The new offering from BioCatch detects subtle changes in known user behaviour that suggest the victim is under the influence of a criminal, unwittingly taking instruction to conduct fraudulent money transfers. Leveraging 39 patented advanced data science and AI techniques and 25 more with patents pending, BioCatch analyzes the user’s online interactions in real-time and generates behavioural insights.

Among these insights are indicators that suggest a person is conducting a transaction under the influence of a fraudster. By flagging this in real-time, banks are able to prevent significant customer losses and better protect their assets. For more information about this company, please check out a detailed profile in our web fraud & e-identity database.

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Keywords: BioCatch, behavioural biometrics, phone scams, vishing, product launch, AI, banks, money transfers
Countries: World

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