BioCatch receives US patent for identity verification and fraud detection

Wednesday 17 February 2021 10:51 CET | News

BioCatch has received a registered US patent for its innovative method of verifying a user’s identity and detecting fraud, based on the manner in which the user holds and uses their mobile device. 

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. 

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Keywords: BioCatch, US, patent, authenticating, mobile devices, product upgrade, behavioural biometrics, mobile banking, fraud, identity verification, cyber attacks
Categories: Fraud & Financial Crime
Countries: United States
This article is part of category

Fraud & Financial Crime

Industry Events