BioCatch, a digital fraud and money laundering detection company, unveiled its revolutionary product lineup, BioCatch Connectâ„¢. This cutting-edge portfolio marks a groundbreaking milestone in the realm of fraud and AML solutions, as it proactively identifies and accelerates the interception of fraudulent activities, safeguarding customers of the world's most renowned brands.
The timing of BioCatch Connect's launch couldn't be more critical, considering the alarming surge in financial scams witnessed globally. Data from BioCatch indicated that unauthorized payment and remote access scams spiked by a staggering 30% last year. To address this growing menace, regulatory authorities like the UK's Payment Systems Regulator (PSR) and the EU Payment Services Directive III (PSD3) have proposed mandatory reimbursement and shared liability models, urging financial institutions to reevaluate their fraud management and AML practices.
In a recent study conducted by Forrester Consulting, a substantial number of financial institutions expressed the urgent need for better integration between fraud management and AML capabilities to respond swiftly to financial crime. Furthermore, recent research from Datos Insights highlighted that numerous financial institutions have undergone organizational changes in the past two years to foster collaboration and shared services between their fraud and AML divisions.
BioCatch Connect takes an innovative approach to combatting fraud and money laundering, placing behavioral biometric intelligence at the core of its AI and machine-learning models. By continuously integrating data from various sources, such as application, behavior, device, network, and transactional telemetry, BioCatch Connect offers unparalleled accuracy and efficiency to fraud and AML teams, leading to a reduction in false positives and improved efficacy.
Comprising three distinct modules for telemetry collection, behavioral sequencing, and predictive intelligence, BioCatch Connect intelligently analyzes real-time behavioral biometrics to provide actionable insights to combat financial crimes. Early access customers of BioCatch Connect reported significant gains over legacy fraud detection platforms, including a 1500% improvement in fraudulent account detection, an 80% reduction in transaction-related fraud rates, and a 30% increase in fraud team efficiency.
Several financial institutions, including National Australia Bank (NAB), have already embraced BioCatch Connect to bolster their scams strategy. By integrating biometrics capabilities into their digital channels, NAB has successfully detected and intercepted remote access scams, resulting in abandoned payments of approximately $290,000 daily.
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