BioCatch rolls out real-time phishing site alerts and victim reports

BioCatch is happy to be addressing the phishing problem and announcing their new solution during cybersecurity awareness month. Cybersecurity Awareness Month started in 2004 as in initiative led by the Cybersecurity and Infrastructure Security Agency (CISA) and the National Cybersecurity Alliance (NCA) lead a collaborative effort between government and industry to raise cybersecurity awareness nationally and internationally. In 2022, one of the key pillars is educating the public on identifying and avoiding phishing scams as phishing calls, texts, and websites have become a pandemic in today’s digital age.

Shutting down fake websites before they do damage

The Phishing Site Detection solution generates real-time alerts on new lookalike phishing sites, enabling financial institutions to act quickly and shut down the sites before they can scam more customers. The Victim Reports provide details of user accounts that are at potential high risk because the account holder entered their personal information into a lookalike phishing site. Banks that leverage next-day reports can notify affected customers, helping the user to update security details and regain control over their personal identifiable information to reduce future fraud victimisation.

Specific to phishing sites, insight from one BioCatch customer revealed, that of known users who visited a fraudulent site, 30% experienced login attempts from a faraway location, 23% made a payment that was flagged as high-risk, and 15% indicated signs of a remote access tool present in a banking session. These attacks have evolved beyond just email, as they now also include text messages (smishing) and QR codes used to drive individuals to fraudulent websites where they are coerced into divulging private information. As consumers are much more likely to open a text message than other messaging mediums, smishing has increased significantly with complaints increasing by over 140% in 2021.

The Phishing Site Detection with Victim Reports solutions expand BioCatch’s fraud protection platform, which detects a variety of financial fraud including account opening fraud, account takeover, scams and social engineering and mule accounts.

Evolution of phishing attacks

These solutions arrive as phishing levels reach all-time highs, with the financial services industry hit the hard in recent years. In Q1 of 2022 the financial sector was most frequently victimised by phishing, representing 23.6% of all attacks. In 2021 alone, consumers lost USD 43 billion through robocall and phishing-based fraud, with the average victim losing USD 1,100, as per the press release.

Today’s phishing attacks are a gateway to a larger fraud lifecycle. Phishing websites have nearly identical domain names and appearances as official websites, enabling them to appear as legitimate and lure individuals into sharing sensitive information such as login details, credit card numbers, or passwords. Once obtained, fraudsters use such data to conduct social engineering schemes, payment fraud, and SIM swaps. Understanding the need for more proactive protections, BioCatch has unveiled Phishing Site Detection with Victim Reports to enable financial institutions to identify phishing attacks against their customers in real-time and notify customers whose personal information is compromised to mitigate fraud.

Fore more information about BioCatch, please check out the company profile in The Paypers Company Database.