Experian and Behavioral Biometrics Industry Leader, BioCatch, team up to Prevent New account fraud with the CrossCore™ Fraud and Identity Platform

NEW YORK, April 7, 2017 /PRNewswire/ -- BioCatch, the global leader in behavioral biometrics, announced today that it has teamed up with Experian, the leading global information services company, to integrate its behavioral biometric technology into the company's fraud and identity platform, CrossCore™, to help prevent new account fraud for its users.

The integration of BioCatch technology into the CrossCore™ platform provides a very powerful level of protection against fraud, getting past information that criminals may have stolen to detect fraud in real-time. For example, this could be focusing on the way a user behaves as he or she fills out an online credit card application. This is all done without compromising the user experience and slowing down the application process.

"New account fraud, which is looked at as the gateway for hackers, ends up costing businesses and consumers a lot of money and headaches -- and it's only getting worse," Eyal Goldwerger, Chief Executive Officer of BioCatch. "We're excited to be working with Experian to help prevent new account fraud, providing a completely new layer of security using behavioral biometrics by focusing on 'how' a user enters information into an application, not 'what' information is being entered, in a seamless way that does not add any friction to the application process."

New account fraud, or deception that happens during the creation or alleged creation of new accounts, is a massive issue growing at a rapid rate. According to industry analysts at Javelin, there were more than 1.5 million new account fraud victims in 2015 that accounted for $2.8 billion in losses. The number increased by 40 percent in 2016. 

To prevent new account fraud, BioCatch maps criminal behavior throughout the initiation process. The company's proprietary technology is able to distinguish between a real user and an impostor by recognizing normal user behavior and fraudster behavior, which includes Application Fluency, when actions show a fluency with the site and the process used to open a new account; Navigational Fluency, when advanced computer skills are used that are rarely seen among real users, like function keys and keyboard shortcuts, and Data Familiarity, when fraudsters submit victim's data without intimate knowledge of the information, creating noticeable anomalies in data entry patterns.  

"Companies need to constantly evolve to keep up with the fast pace of fraud," said Kathleen Peters, Global Vice President, Product Management, Fraud and Identity at Experian. "CrossCore™ gives companies more choices to use the capabilities they need when they need them – their own, ours and even 3^rd party solutions. Our partnership with BioCatch is another example where clients can stay ahead of the latest fraud threats by easily accessing behavioral biometrics as part of their fraud prevention strategy."

BioCatch currently works with a major Latin American e-commerce retailer to help prevent new account fraud. By detecting fraudulent activity, either on the login page or at the checkout flow, BioCatch is able to save them more than $200K per month in fraud, with $1.8M saved in the last Black Friday weekend alone.

To date, BioCatch has secured over 18 patents including an additional 29 filed, and works with a number of major banks for which they monitor 2B+ transactions a month.

About BioCatch
BioCatch is a cybersecurity company that delivers behavioral biometrics analyzing human-device interactions to protect users and data. Banks and other enterprises use BioCatch to significantly reduce online fraud and protect against a variety of cyber threats, without compromising the user experience. With an unparalleled patent portfolio and deployments at major banks around the world that cover tens of millions of users to date, BioCatch has established itself as the industry leader. For more information, please visit www.biocatch.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/experian-and-behavioral-biometrics-industry-leader-biocatch-team-up-to-prevent-new-account-fraud-with-the-crosscore-fraud-and-identity-platform-300436742.html

SOURCE BioCatch