BioCatch pilots fraud intelligence network with cohort of Aussie banks
BioCatch, a New York-headquartered fintech leveraging behavioural biometrics to combat online fraud and cyber threats, has joined hands with a cohort of Australian banks to pilot “the world’s first inter-bank, behaviour- and device-based fraud and scams intelligence-sharing network” as part of the BioCatch Trust Australia initiative.
BioCatch unveils Aussie banks participating in its pilot programme
Participating banks include National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), Suncorp Bank and Westpac.
BioCatch Trust merges behavioural intelligence with payment, account, device, digital session, and non-monetary event data to evaluate the “potential risks of receiving accounts on the network before an eligible payment is processed”.
The pilot will see the participating banks use BioCatch Trust as an additional protection layer to assess risks linked to the accounts customers direct domestic online payments to.
“If the network identifies risks associated with a receiving account, BioCatch provides this intelligence to the sending bank in real time, allowing the sending institution to review the transaction before any money leaves the sender’s account,” explains BioCatch.
This connection, in turn, will assist the banks in preventing scams originating outside of digital banking channels, such as those initiated through email or social media, while customer identities are safeguarded using pseudonymisation technology.
According to James Roberts, head of group fraud at CBA, the pilot marks “the first time banks have been able to share information in real time before a payment is made”, which will “help protect Australians from losing money to scammers”.
Founded in 2011, BioCatch currently serves 34 of the world’s largest 100 banks, along with 237 financial institutions, with BioCatch Connect, its all-in-one solution for anti-money laundering, fraud detection, and impersonation prevention.
