BioCatch partners with LexisNexis to leverage data and analytics for better risk management
BioCatch and LexisNexis team up
Behavioural authentication and threat detection company BioCatch teamed up with risk management company LexisNexis Risk Solutions in an effort to reduce losses caused by fraud, writes Banking Technology‘s sister company Finovate.
Specifically, the two companies aim to mitigate application fraud and account takeover fraud, which account for 40% of total fraud losses. Paul Bjerke, VP of fraud and identity management of LexisNexis, notes that companies cannot address application fraud with static means. Instead, Bjerke suggests “supplementing applicant-provided data with additional dynamic data sources, like behavioral biometrics”.
The combined solution will offer companies additional risk scores by monitoring user behaviour and discerning between real and fraudulent users. Specific behavioural clues include:
- application fluency: how well a user knows the site;
- navigational fluency: how well a user knows various computer functions;
- data familiarity: how well a user knows the information they are entering;
“By understanding ‘how’ a user enters information into an application, and not ‘what’ information is being entered, we are able to change the rules of the game and seamlessly provide a completely new level of identity assurance in an era of rampant identity theft,” Eyal Goldwerger, CEO of BioCatch, explains.
Founded in 2011, BioCatch monitors four billion transactions per month for a handful of major banks. 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.
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