BioCatch Makes Big LATAM Play with Seven New Bank Partnerships

“We have experienced first-hand the significant return on investment that BioCatch provides and this comes from not only catching the fraud that traditional solutions miss, but from reducing the operational costs and lost customer revenue that comes from too much disruption in the digital channel.” -Rodrigo Colossi, IT Superintendent, Itau Unibanco

Behavioral biometrics specialist BioCatch has dramatically extended its reach in the Latin American market with the announcement of partnerships with seven major banks.

The clients span across Brazil, Chile, Colombia, and Mexico, with BioCatch referring to them in an announcement as “tier-one banks”. The company also noted that its new crop of clients serves over 25 million online and mobile users, and that they collectively process 300 million transactions a month.

That presents a huge set of opportunities for BioCatch to reduce fraud with its behavioral biometrics technology, which uses patterns in users’ interactions with their devices and banking apps to determine the likelihood that a given session involves a fraudster.

In a statement announcing the partnerships, BioCatch Vice President for Latin America Oren Kedem explained that in the LATAM region, “fraud rates are very high and the vast majority of cybersecurity attacks originate in the region as opposed to being launched from other parts of the world.” BioCatch’s technology, he said, offers a unique defense, since it “is not reliant on known strains of cyberattacks or other static measures of authentication.”

The company has not disclosed all of its new LATAM clients, but at least one of them is Brazil’s Itau Unibanco, whose IT Superintendent, Rodrigo Colossi, who attested to the value of BioCatch’s technology. “We have experienced first-hand the significant return on investment that BioCatch provides and this comes from not only catching the fraud that traditional solutions miss, but from reducing the operational costs and lost customer revenue that comes from too much disruption in the digital channel,” he said.