BioCatch and Experian have teamed up to help an unnamed financial services provider detect and prevent multiple forms of fraud. Their joint efforts have already generated as much as $23 million in savings, based on a 73 percent increase in the company’s fraud detection capabilities.
BioCatch is operating as a member of Experian’s CrossCore partner ecosystem. Their solution combines device intelligence with BioCatch’s behavioral biometrics platform, and seeks to address the rising threat of fraud. In its 2020 Global Identity and Fraud Report, Experian noted that the majority (57 percent) of companies are facing higher year-over-year fraud losses, and the rates have only increased since the start of COVID-19. Account opening fraud has gone up 33 percent during the pandemic.
Those numbers eventually prompted the unnamed financial services provider to reach out to Experian. The solution allows the company to catch fraud while simultaneously streamlining the authentication process for legitimate customers.
“In today’s environment, companies have no choice but to provide safe and convenient digital experiences while optimizing their operations,” said Experian Platform Commercialization SVP Marika Vilen. “There’s no silver bullet when it comes to fighting fraud. That’s why we continue to develop our partner ecosystem and took this opportunity to demonstrate how a layered approach makes a significant impact.”
“Layering behavioral biometrics on top of Experian’s own capabilities adds a frictionless dimension to Experian’s digital identity offerings and further enables organizations to react quickly to changing usage patterns and emerging risk,” added BioCatch Founder Avi Turgeman.
BioCatch was recently named as one of CB Insights’ FinTech top 250, and has repeatedly emphasized the need for better account opening procedures given the increase in remote activity in the past few months. The company has previously warned that account takeover fraud and the number of mule accounts have both gone up as a direct result of the coronavirus.
(Originally posted on FindBiometrics)