NEW YORK & TEL AVIV, Israel–(BUSINESS WIRE)–BioCatch, the worldwide chief in behavioral biometrics, as we speak introduced that its compilation of privacy-protected digital behavioral profiles now contains greater than 150 million particular person on-line banking customers, largely via its deployment at greater than 40 main international banks and different monetary establishments worldwide. BioCatch now analyzes greater than 1 billion digital classes monthly in real-time for potential fraud and different forms of cybercrime to guard on-line customers and their property, making the corporate far and away the trade chief.
BioCatch pioneered using behavioral biometrics to root out on-line fraud with its founding in 2011 and the cache of behavioral information it has collected over the last decade since is unmatched. By way of steady authentication of on-line classes, behavioral biometrics flags bodily and cognitive machine interactions that current potential threat, with out amassing personally identifiable data (PII). As the corporate’s shopper base and information set have grown, use instances have expanded to deal with a few of the most urgent digital identification challenges that exist as we speak, together with detecting using stolen or artificial identities on the onboarding stage, recognizing account takeovers and flagging more and more subtle social engineering scams.
By all accounts, cybercrime has accelerated dramatically because of the coronavirus, as fraudsters have sought to make the most of distracted people working from residence or dispersed firms whose technologists have been scattered in distant areas. Barracuda Networks notes a 667% improve in phishing assaults as of mid-June for the reason that finish of February. Phishing has elevated 5-fold within the UK. over the same time interval, in accordance with safety firm Darktrace.
“Online authentication methods have to change, especially in light of the increased security risk inherent in remote access,” stated BioCatch Chairman & CEO Howard Edelstein. “With behavioral biometrics, we passively monitor digital sessions from start-to-finish, eliminating friction for online banking users and keeping their assets safe from the rising tide of cybercrime. We’ve reached 150 million user profiles because we’ve been collecting digital data for almost a decade, far longer than anyone else. That’s why we can detect anomalies faster and with more accuracy than anyone else, even without collecting any PII.”
“With the rapid growth in digital-first channel usage has come a rapid growth in cyberattacks, typically engineered with stolen credentials,” stated Julie Conroy, Analysis Director, Aite Group. “As banks and other financial institutions compete to provide the best customer experience over these channels, low-friction security techniques such as compiling large amounts of behavioral data have become a powerful contributor to making fraud risk decisions for these institutions.”
BioCatch grew annual recurring revenues by 150% in 2019 and is on tempo for related progress in 2020. The corporate not too long ago raised $145 million in a Collection C funding spherical led by Bain Capital’s Tech Alternatives fund, the expansion investing enterprise of Bain Capital. Additionally becoming a member of the spherical have been American Categorical Ventures, CreditEase, Maverick Ventures and Our Crowd, amongst others.
BioCatch was not too long ago featured on the CNN program Inventing Tomorrow.
BioCatch pioneered behavioral biometrics, which analyzes a web based person’s bodily and cognitive digital conduct to guard customers and their information. Right now, prospects across the globe leverage BioCatch’s distinctive method and insights to extra successfully struggle fraud, drive digital transformation and speed up enterprise progress. With almost a decade of information, over 50 international patents and unparalleled expertise analyzing on-line conduct, BioCatch is the chief in behavioral biometrics. For extra data, please go to http://www.biocatch.com/.