BioCatch, the global leader in Behavioral Biometrics™, Authentication and Malware Detection, announced today the launch of its New Account Fraud Detection solution which detects fraud in new user accounts in the retail banking, eCommerce and payments industries.
With the sophistication of today’s cybercriminals, security professionals in the financial services industry are tasked with protecting user account setup, the critical stage when private information is given. BioCatch’s New Account Fraud Detection solution uses behavioral biometrics to detect, in real-time, when fraudsters use stolen or synthetic personal information to create a new account.
Additionally, by mapping inconsistent behavior patterns in the application flow, the technology can distinguish between human and non-human activities and send an immediate alert when Bot activity is detected. It can also differentiate between normal and anomalous behaviors by analyzing input familiarity, application fluency, user expertise and robotic-behavior detection.
“In today’s cybersecurity environment, it’s crucial that financial services institutions have the most advanced protection allowing them to combat the increasingly sophisticated attacks we are seeing,” said Oren Kedem, VP Products at BioCatch. “This is exactly the reason we have zeroed in on using behavioral biometric authentication to identify threats such as malware and new account fraud.”