Macquarie Bank has announced that it has joined BioCatch Trust in order to detect and prevent financial crime, as well as optimise the experience of customers.
Following this announcement, the addition of Macquarie will further amplify the strategy of the network, as the collaboration aims to also detect and prevent financial crime.
Launched in November of 2024 with five inaugural members, including Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Suncorp Bank (Norfina Limited), and Westpac, the network was developed in order to enable member banks to assess risk on the receiving end of transactions before any funds leave the sender’s account.
More information on Macquire Bank’s decision to join BioCatch Trust
According to the official press release, BioCatch Trust will add an additional layer of behavioural- and device-based protection against fraud and scams for customers at Macquarie, as well as for other member banks. This process will take place by assessing in real time the potential risks associated with the accounts to which users direct their domestic online payments within BioCatch Trust Australia.
In addition, if the network identifies risks associated with a receiving account, BioCatch will provide this intelligence to the sending bank in real time in order to allow the sending institution to review the transaction before any money leaves the sender’s account. This process improves the manner in which financial institutions prevent those types of scams where the fraudster manipulates the victim outside of a digital banking session (many scams originate via an email, text message, phone call, or social media post). At the same time, this process will take place while utilising proven pseudonymisation technology to protect the identities of those customers within the BioCatch Trust network.
Both institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
