Behavioral biometrics innovator BioCatch launched its latest fraud-fighting solution this week. Age Analysis is a new account opening protection capability especially designed to help protect older consumers from fraud and other forms of cybercrime.
“We developed Age Analysis with enhancing customer protection and user experience as our guiding principles,” BioCatch Chief Operating Officer Gadi Mazor explained. “At BioCatch, we work closely with our clients to develop the most forward-thinking behavioral solutions to solve the ever-evolving challenges in combating fraud. Age Analysis empowers financial institutions with the behavioral verification protections most needed to address the growing threat of application fraud.”
The new offering, currently deployed by a number of international organizations as well as a “major credit card issuer,” was developed after noting that 40% of confirmed fraudulent credit card applications involved an applicant above the age of 60. BioCatch also discovered that a significant number of these applications ended up in manual review, increasing both the time spent processing the application as well as diminishing the user experience for older applicants.
Age Analysis works by extracting physical, cognitive, and other behavioral characteristics as the user engages in the account opening process. The technology monitors the activity continuously, predicting what BioCatch refers to as the user’s “approximate behavioral age” and compares it to the applicant’s declared age. If there are significant differences between the two, BioCatch adjusts the user’s risk score to reflect the anomaly.
The technology is based on the finding that certain behavioral characteristics involved in data input tend to change as individuals age. These include factors such as mouse click duration, mobile device orientation preferences, and even actions as specific as the time it takes for a user to shift from the CTRL key to a letter key when inputing data. Learn more about how Age Analysis works, and how it has helped increase company’s ability to detect account opening fraud and boost ROI, in BioCatch’s case study, Top Card Issuers Partner with BioCatch to Protect Senior Citizens from Fraud and Saving Millions.
A Finovate alum since its debut at FinovateFall 2014, BioCatch was founded in 2011 by Avi Turgemen, Benny Rosenbaum, and Uri Rivner to leverage insights derived from Turgemen’s experience in military intelligence to fight online fraud and other cybercrime. Most recently, the company announced joining Alkami Technology’s Gold Partner Program to bring its behavioral biometric technology to Alkami’s bank and credit union customers. In August, BioCatch teamed up with digital financial solution provider MoData to help the company’s clients in Africa better defend themselves against online fraud.
BioCatch has raised more than $213 million in funding from investors including Barclays and HSBC. The company has offices in both New York City and Tel Aviv, Israel.