Major Global Banks Invest $20 Million in BioCatch and Join American Express Ventures on New Client Innovation Board
Summary
BioCatch is unique in focusing on behavior as a predictive tool to prevent online fraud and as a result can draw on a comprehensive data set to keep people safe. " Behavioral biometric technology is a key strategic capability to protect our customers from the risk of fraud,” said Richard Harvey, Group Head of Retail Banking Products at HSBC. “ We have already seen the power of collaboration in solving difficult problems in other areas of the financial services industry, such as clearing corps, transaction networks, post-trade processing, margin calculation and collateral management, when banks work together and share knowledge, workflow and data in the common interest.” BioCatch has used behavioral biometrics to root out online fraud since its founding in 2011 and the cache of behavioral data the company has accumulated over the decade since is unmatched. As the company’s data set has grown to more than 150 million behavior profiles and tens of billions of transactions, products have expanded to include detecting stolen or synthetic identities being used at the onboarding stage, recognizing account takeovers and flagging increasingly sophisticated social engineering scams, among other industrywide security challenges. Today, customers around the globe leverage BioCatch’s unique insights to more effectively fight fraud, drive digital transformation and accelerate business growth.
Funding
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