An Attempt to Make Your Business More Robust in the Face of Mounting Fraudulent Activities

The human arsenal has come across a wide assortment of valuable elements, and yet it hasn’t seen anything more significant than that ability of ours to improve at a consistent pace. We say this because the stated ability has already fetched the world some huge milestones, with technology appearing as a rather unique member of the group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the right goods. The same has grown to become a lot more evident in recent times, and assuming one new fintech-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.

BioCatch, the global leader in digital fraud and money laundering detection and response powered by behavioral biometric intelligence, has officially confirmed the launch of its next-generation Connect™ product portfolio, which is designed to help brands deliver a safe user experience. A first -of-its-kind, fully integrated fraud and AML product portfolio, BioCatch Connect comes decked up with a knowhow to proactively detect any fraudulent activities that might be taking place inside a company’s ecosystem, while simultaneously accelerating targeted interdiction of the same. But what makes the product in question different from pretty much a glut of other fraud detection solutions? Well, the primary differentiator here is how it applies behavioral biometric intelligence at the center of its artificial intelligence and machine-learning models rather than treating it as a secondary signal. On an actionable level, though, BioCatch Connect is comprised of three unique telemetry collection, signal sequencing, and visualization modules that together intelligently source, link, and analyze real-time behavioral biometrics intelligence in contextual progression. Talk about the product’s modules in a bit more detail, we begin from Fraud Telemetry Collection, which  uses a lightweight mobile and web SDK to continuously collect thousands of signals from five distinct data sources, including applications, user behaviors, devices, networks, and transactions of each session. Next up, we have the Continuous Behavioral Sequencing functionality. Here, the core idea is to leverage advanced cognitive human behavioral science, data modeling, and machine learning algorithms for the purpose of parsing, matching, analyzing, coalescing, and scoring every data cog collected by the Fraud Telemetry Collection module. Once the process has gone beyond Continuous Behavioral Sequencing, the final step involves our visualization or predictive intelligence module which bears the responsibility to structure and transform dynamic user risk scores and into actionable intelligence. Such a move eventually sets the stage for a business to monitor, investigate, and interdict potential fraudulent user activities and sessions.

“As a digitized society, we have reached a point where the very technology we have come to favor for communication, education, and banking transactions has become a conduit for criminals to coerce us, to intimidate us, and to steal our financial assets. The legacy technologies deployed within the banking community simply cannot match the innovation and speed of fraudsters,” said Gadi Mazor, CEO of BioCatch. “BioCatch Connect delivers a new generation of intelligence and visualization tools, data science models, and machine learning engines to interdict the exploitation of human kindness, emotion, greed, naivety, and trust.”

BioCatch’s solution provides an interesting follow-up to one discovery by the company that revealed an almost 30% increase in financial crimes over the last year. The urgency of the situation would spark major a overhaul across the business landscape, and the same was validated in a more recent Datos Insights survey which found that nearly two-thirds of financial institutions have made organizational changes to improve collaboration and shared services between their fraud and AML practices.

Now, onto what makes BioCatch’s latest brainchild an ideal candidate to lead the counterattack on these companies’ part? Well, going by the performance observed during the product’s early access stage, it was able to instigate a whopping 1500% improvement in fraudulent account detection, 80% reduction in transaction-related fraud case, and 40% improvement in customer experience. Beyond that, the solution also spelled a 30% reduction in false positive rates, 30% worth of a leap in fraud team efficiency and throughput, 28% faster user account verification, and 15% jump in overall spam detection. Hold on, there is more, as it even touched on 10 times more behavioral indicators and pattern models.

“We firmly believe that the only way to defeat today’s digital fraud is together,” said Jonathan Daly, CMO of BioCatch. “We’ve built this core belief into Connect. Our role is to connect our fraud experts with other thought leaders around the world; connect banks to banks; connect fraud teams with AML teams; connect and analyze signals that reveal the story behind the numbers and provide actionable insights We are honored to serve as the mesh between this global community that enables people to live their lives free from fraud.”