BioCatch team up to prevent fraud at US banks
JERUSALEM – Fraud prevention group Early Warning, which is owned by five of the largest US banks, has teamed up with Israel’s BioCatch, a specialist in behavioral biometrics, to boost protection of customer accounts.
BioCatch’s system analyses and remembers how people maneuver physically online and can warn banks if a client’s account has been hacked.
Typical signs of fraud or specific behavioral signatures can now be shared across the entire consortium, rather than at a single bank, the companies said on Tuesday. They did not disclose financial details of the partnership.
BioCatch Chief Executive Ron Mortiz said the move addresses “some of the biggest challenges currently facing the financial industry, namely preventing account takeover and new account fraud as well as malware attacks”.
Early Warning is owned by Wells Fargo, Bank of America, JPMorgan Chase, BB&T and Capital One. – Reuters