Unveiling Scam Detection System: Scams360 by BioCatch
Financial crime prevention innovator BioCatch has unveiled a new solution called BioCatch Scams360, designed to help financial institutions combat social engineering-based scams like authorized push payment (APP) fraud. This cutting-edge technology leverages behavioral biometrics and device intelligence to identify suspicious patterns in real-time transactions before funds leave the victim's account.
BioCatch Scams360 analyzes users' cognitive and physical digital behaviors to detect the psychological manipulation characteristic of APP fraud, where victims willingly transfer money to criminals. By providing protection against a wide range of social engineering scams—including romance scams, investment scams, business-email-compromise, purchase scams, and impersonation fraud—across multiple channels with high accuracy, the platform is a powerful tool in the fight against financial crime.
The solution has demonstrated a 50% improvement in detecting non-impersonation scams, with a best-in-class alert rate for transactions requiring human intervention. This low alert rate helps financial institutions reduce operational costs while stopping more scams in real time.
BioCatch's technology analyzes 15+ billion user sessions every month, and the company's expertise in combatting impersonation scams has already helped a regional bank prevent $100 million in such fraud in 2024.
BioCatch Scams360 integrates with broader fraud prevention ecosystems through its behavioral and device intelligence capabilities. The solution was founded in 2011 and made its platform debut at the platformFall 2014 in New York. Today, BioCatch counts more than 250 financial institutions, including 34 of the world's largest banks, among its customers.
In addition to its work with financial institutions, BioCatch has teamed up with The Knoble, a Tennessee-based alliance dedicated to fighting crimes such as human trafficking, financial scams, child sexual exploitation, and elder exploitation. Together, they have launched an anti-scam guide and cost calculator to help businesses and individuals understand the true cost of fraud, which often exceeds direct financial losses to include customer churn, reputational risk, compliance exposure, and more.
Alloy, an alum of BioCatch's platform's developer conference, FinDEVr Silicon Valley 2016, has also partnered with BioCatch. This collaboration will further enhance BioCatch Scams360's capabilities, providing even more robust protection for financial institutions and their customers.
In the second quarter of this year, BioCatch topped $160 million in annual recurring revenue (ARR), marking the best second quarter in the company's history. This impressive growth underscores the increasing demand for BioCatch's innovative solutions in the fight against financial crime.
[1] BioCatch. (2021). [BioCatch Scams360]. Retrieved from https://www.biocatch.com/solutions/scams360/
[2] BioCatch. (2021). [Press Release: BioCatch Scams360]. Retrieved from https://www.biocatch.com/news/press-releases/biocatch-partners-with-alloy-to-enhance-scams360-capabilities/
[3] BioCatch. (2021). [Press Release: BioCatch Helps Regional Bank Stop $100 Million in Impersonation Scam Payments]. Retrieved from https://www.biocatch.com/news/press-releases/biocatch-helps-regional-bank-stop-100-million-in-impersonation-scam-payments/
[4] The Knoble. (2021). [Anti-Scam Guide and Cost Calculator]. Retrieved from https://www.theknoble.org/anti-scam-guide-and-cost-calculator/
- The innovative technology by BioCatch, known as BioCatch Scams360, leverages behavioral biometrics and device intelligence to combat financial crimes, focusing on social engineering-based scams like authorized push payment fraud.
- By partnering with Alloy following FinDEVr Silicon Valley 2016, BioCatch aims to further strengthen the capabilities of BioCatch Scams360, providing enhanced protection for financial institutions and their customers.
