BioCatch to power behavioural biometrics for Samsung SDS America
Behavioural biometrics and threat detection firm BioCatch is working with Samsung SDS America to combat fraud that occurs after a user has logged in, reports Julie Muhn at Finovate (Banking Technology‘s sister publication).
Through the partnership, BioCatch will integrate a layer of fraud protection that works beyond the login process into Samsung SDS’ Nexsign enterprise biometric authentication software. The integration is intended to fill security gaps that occur when mobile apps don’t require users to login multiple times to validate their identity. To solve this, BioCatch will collect and analyse more than 500 parameters around a user’s activity – continuously monitoring their behavioral patterns within the app to authenticate the user and detect abnormal bot or malware behaviour.
Eyal Goldwerger, CEO of BioCatch, says: “Given how sophisticated fraudsters are today, the consumer-grade authentication protocols that exist leave open the real possibility of account takeovers. In fact, all the fraud that BioCatch finds today, comes from within authenticated sessions, prompted by malware, social engineering and other sophisticated attacks that circumvent the login method entirely.
“As a result, security continues to be a major factor holding back the full potential of mobile banking and payments. Through Nexsign and our partnership, Samsung has created the platform that resolves this constant battle.”
Founded in 2011, BioCatch monitors four billion transactions per month for a handful of major banks. Earlier this year, the company bolstered its fraud detection by forming a relationship with LexisNexis Risk Solutions to offer companies additional risk scores by monitoring user behaviour and discerning between real and fraudulent users. In April, the company partnered with Experian to prevent new account fraud for CrossCore users and in February BioCatch teamed up with Nuance Communications to power continuous authentication for Nuance Security Suite solution.
The company has raised $11.6 million to date and is headquartered in Israel.
