BioCatch Hits Key Milestone and Protects 33 Million Bank Customers

With the proliferation of web viruses attacking consumers, among the latest challenges facing banks are remote access Trojans (RATs) taking hold of their customer’s computers. When affected, hackers are able to access bank accounts remotely and enter fraudulent activity such as initiating wire transfers.

To combat this problem, several Cybersecurity Cybersecurity Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Read this Term firms are providing behavioral tools to analyze customer logons to verify users. Using Big Data Big Data Big data refers to the collection of data that is too complex and too large for processing by standard database tools. There is no specific quantity of data, which is set as a minimum level to be considered Big data. Image the data collected on global credit card transactions. Many governments used Big data analysis to study the recent pandemic spread. The term Big data was first introduced in 1980 by Charles Tilly.The term Big data was primarily used in computer science, statistics, and econome Big data refers to the collection of data that is too complex and too large for processing by standard database tools. There is no specific quantity of data, which is set as a minimum level to be considered Big data. Image the data collected on global credit card transactions. Many governments used Big data analysis to study the recent pandemic spread. The term Big data was first introduced in 1980 by Charles Tilly.The term Big data was primarily used in computer science, statistics, and econome Read this Term technology, the products capture the behavior used to enter an account and compare it to previous logins. Upon discovering discrepancies, the login session is flagged with the account holder being required to submit additional security information. The result is that even in situations where thieves can access someone’s bank account with their user name and password information, their entrance into the account will be denied.

Among startups in the field is BioCatch. Providing an SDK for mobile apps or Javascript based code for web based logins, BioCatch records customer behavior such as how quickly they enter their user name and password, whether ‘tab’ is pressed to move between rows instead of clicking with a mouse, and angles of mouse movement. The stored information is then used to compare to ongoing account logins to verify the customer.

Providing an operational update, BioCatch has announced today that their solution is currently being used to protect over 33 million customers from an array of banks and monitors over one billion monthly transactions. In addition to banks, BioCatch customers also include eCommerce sites.

Commenting on the one billion milestone, Avi Turgeman, Co-Founder and CTO of BioCatch stated: “We long believed that reaching one billion monitored transactions per month was going to represent a tipping point for our industry and we are proud to have accomplished this goal. Our disruptive Behavioral Authentication solution has allowed organizations using our technology to avoid a wide array of cyber threats that would have resulted in millions of dollars in losses for their customers.”

The growth of transactions being monitored by their solution comes as the firm has also been adding to their team. With clients in Europe, North America and Latin America, the company revealed to Finance Magnates that headcount has grown to 30 people, with VP Sales in North America their latest hire.

In terms of individual customers, the firm was unable to reveal to Finance Magnates specific names. However, through their partnership with the Early Warning fraud detection consortium, their solution shares information with Wells Fargo, Bank of America, JPMC, BB&T and Capital One.