BioCatch Presents Fraud Detection System called Scams360
BioCatch's Scam-Fighting Solution Helps Banks Combat Fraud
BioCatch Scams360, a cutting-edge scam-fighting solution, is making significant strides in helping financial institutions combat authorized push payment (APP) fraud. This innovative technology, developed by financial crime prevention pioneer BioCatch, uses advanced behavioral and device intelligence to detect and prevent scams in real time.
Based in New York, BioCatch was founded in 2011 and has quickly gained recognition for its expertise in the field. The company's solution, BioCatch Scams360, analyses up to 3,000 behavioral and device data points to identify signs of manipulation or coercion during online transactions. These data points include typing speed, response time, periods of inactivity, and concurrent phone calls during online banking sessions.
BioCatch Scams360 covers a wide spectrum of scams, including romance scams, investment scams, business email compromise, impersonation, and other social engineering tactics. Early adopters of the solution have reported a 50% improvement in spotting non-impersonation scams, and a low alert rate, enabling banks to intervene effectively without incurring excessive operational costs.
The solution's success is evident in BioCatch's impressive growth. In Q2 of this year, the company topped $160 million in annual recurring revenue (ARR), marking its best second quarter to date. BioCatch counts more than 250 financial institutions, including 34 of the world's largest banks, among its customers.
In a recent partnership with The Knoble, a Tennessee-based alliance dedicated to fighting financial crimes, BioCatch launched an anti-scam guide and cost calculator. This collaboration aims to raise awareness about the cost of fraud, which includes customer churn, reputational risk, compliance exposure, and more.
BioCatch has also partnered with identity and fraud prevention platform provider Alloy. This collaboration is expected to further enhance BioCatch's capabilities in the fight against fraud.
In 2024, BioCatch helped a regional bank stop $100 million in impersonation scam payments alone. This success underscores the importance of BioCatch Scams360 in the modern banking landscape, where fraudsters are constantly evolving their tactics.
By continuously monitoring user behavior during transactions for patterns indicative of manipulation, BioCatch Scams360 enables real-time intervention and protects customers from increasingly sophisticated social engineering scams. The solution is making a significant difference in the fight against fraud, empowering financial institutions to prevent APP fraud and safeguard their customers' assets.
[1] BioCatch Press Release, "BioCatch Launches Scams360, the Most Comprehensive Behavioral and Device Intelligence-Based Fraud Prevention Solution", 2014 [2] BioCatch Press Release, "BioCatch Scams360 Helps Banks Keep Operational Costs Low While Stopping More Scams in Real Time", 2020 [4] BioCatch Press Release, "BioCatch Scams360 Improves Detection Rates, Enabling Banks to Stop More Scams in Real Time", 2022
- BioCatch's innovative technology, Scams360, not only focuses on combating fraud in the finance sector but also extends its reach to business transactions, utilizing advanced technology to detect and prevent scams in real time.
- The growth of BioCatch, a leader in the field of financial crime prevention, is a testament to the importance of technology in business, as they have partnered with other companies like Alloy to further enhance their capabilities in the fight against fraud.
