BioCatch takes on social engineering scam market
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For the first time ever, financial institutions will now be able to consistently identify and prevent the majority of authorized push payment (APP) fraud in real time. APP fraud relies on the psychological manipulation of victims to willingly transfer their money away to financial criminals. Banks deploying BioCatch's latest scam-detection solution, Scams360, provide their customers with unprecedented, purpose-built protection against romance, investment, business-email-compromise, purchase, impersonation, and other social engineering scams that continue to proliferate in both scale and sophistication in every country in the world.
'Already, we're seeing a 50% improvement in our ability to detect non-impersonation scams,' BioCatch Chief Product Officer Ayelet Eliezer said. 'Scams360's current alert rate – the percentage of total transactions requiring banks to intervene – is also best-in-class, helping banks deploying Scams360 to keep their operational costs low while stopping more scams in real time, before any money leaves the would-be victim's account.'
The Global Anti-Scam Alliance estimates scams now account for more than $1 trillion in consumer losses every year. And that total continues to grow. The GenAI era has revolutionized the creation, execution, reach, targeting, and refinement of social engineering scams and promises further – and potentially exponential – improvement of all those scam metrics in the future.
Legacy defenses – often based on transaction data or device and network intelligence – fail to detect modern scams that manipulate their victims. In most cases, those social engineering scam victims willingly authorize their scam payments, eluding the detection of traditional fraud systems. Scams360 leverages BioCatch's market-leading behavioral and device intelligence to arm financial institutions with the contextual understanding needed to distinguish genuine user intent from signs of manipulation. Examples might include the speed of the user's typing, how quickly they respond to prompts, unusual mouse behavior, hesitation, erratic inputting of information, mouse-doodling, prolonged periods of inactivity, the presence of malicious apps, and/or an active phone call during an online banking session. BioCatch tracks as many as 3,000 of these different behavioral and device-related datapoints to distinguish the legitimate from the criminal.
'Over the past few years, we've seen innovations in payment channels, financial technology, and e-commerce lead to significant changes in consumer financial behaviors,' said Suzanne Sando, Lead Analyst of Fraud Management at Javelin Strategy & Research. 'The rapid evolution of these consumer activities presents criminals with numerous opportunities to identify weaknesses in scam-detection and better target victims. Financial criminals are clearly exploiting the growing attack surface. It's time for the financial services industry to regain control from fraudsters and invest in more modern and advanced methods for scam prevention and detection.'
Scams360 builds upon BioCatch's success in detecting impersonation scams (one regional bank in the U.S. that works with BioCatch stopped $100 million in impersonation scam payments in 2024 alone), giving BioCatch customers broader protection against the growing range of social engineering scam typologies.
'We are excited to see more innovation out of BioCatch to combat the global increase in scams,' The Knoble Founder and Board Chair Ian Mitchell said. 'BioCatch is leading a growing list of solution providers working to protect banking customers and communities from the increased complexity of scams.'
BioCatch and the Knoble recently partnered to launch an anti-scam guide and cost calculator, highlighting how the cost of scams extends well beyond direct losses, driving up operational expenses, customer churn, compliance exposure, and reputational risk. On Sept. 4, the Knoble will host a virtual roundtable on scam-prevention.
BioCatch now analyzes more than 15 billion user sessions per month, protecting more than 500 million people and 1.5 billion devices around the world from fraud and financial crime, while stopping an estimated $3.7 billion in fraudulent transactions in 2024.
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