BioCatch receives US patent for identity verification and fraud detection

The company added ten new registered US patents in 2020 alone and two more in January, bringing its patent total to 57 since its founding in 2011. BioCatch has seen mobile fraud make up approximately 50% of confirmed fraud cases across its global customer base. The technology behind BioCatch’s latest mobile device patent further ensures that financial institutions and their customers are protected against the most sophisticated mobile fraud threats and cyber attacks.

Potential attacks include social engineering scams, malware, remote access attacks, device theft, and other types of cyber attacks and fraud schemes.

BioCatch Account Takeover Protection for Mobile allows financial institutions to add product functionality to their mobile banking experience without adversely impacting customer engagement or introducing additional risk. By passively monitoring thousands of interactions throughout a mobile banking session, the BioCatch platform generates and delivers real-time session risk scores, and detailed mobile session activity is logged and visualised via the BioCatch Analyst Station.