Latest news with #BioCatch
Finextra
17-07-2025
- Business
- Finextra
BioCatch takes on social engineering scam market
BioCatch, which prevents financial crime by recognizing patterns in human behavior, today announced the launch of the latest edition of its behavior-based scam-fighting tool: BioCatch Scams360. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. 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.
The Age
08-06-2025
- Business
- The Age
‘Losses will continue to mount': Bank staff's security warnings before massive scam cost customers millions
Similar warnings were made repeatedly in the years to come, according to the ASIC statement of claim filed to the federal court. '[C]urrently, HSBC do not have the capability to stop an online transfer of funds from one bank account to another,' said another presentation given in October 2022 to HSBC's Australian wealth and personal banking fraud steering committee. By July 2023, the court documents show that Matthew Hannan, HSBC Australia's head of fraud management, was making a 'special' presentation about an 'HSBC impersonation scam' in which he had said that 50 customers had lost money in the emerging scam, sometimes after receiving text messages that tricked them into sharing personal information. In September the same year, a slide pack for an HSBC Australia committee meeting discussing impersonation scams said that 'current limitations on desktop banking monitoring and real-time interception are impacting our ability to disrupt and prevent these attacks'. ASIC alleges that HSBC Australia didn't implement adequate real-time fraud payment monitoring, including capabilities to detect and block suspicious activity, across both mobile and online banking until about May 2024, at the tail end of the swindle. The corporate regulator also highlighted other alleged security deficiencies, claiming HSBC did not implement a digital fraud behavioral biometric system called BioCatch, and digital fraud device identification capabilities, via ThreatMetrix, for online banking until June 2024. In January 2022, the minutes of one of the bank's fraud steering committee meetings noted that 'losses resulting from these scam cases and determinations would likely have been avoided with BioCatch/ThreatMetrix implementation for transactional monitoring'. In December 2023, as the reports from the impersonation scam mounted, another internal presentation warned that until these systems were implemented for online banking, the fraud team 'cannot disrupt scams, and losses will continue to mount'. HSBC Australia customers lost $18 million via impersonation scams in the 2023 financial year, and $24 million in the first nine months of 2024, according to court documents. About 950 reports of unauthorised transactions were made to HSBC Australia between January 2020 to August last year. HSBC was due to file its defence in the case early last month, but failed to do so. At a hearing in May, Justice Elizabeth Bennett ordered the bank to provide a written explanation of their non-compliance. A solicitor acting for HSBC Australia earlier submitted that the bank had identified inaccuracies in data presented to the court that it needed to correct before it would be appropriate to file its defence. Asked about the repeated internal warnings of the bank's inability to halt suspicious transactions highlighted in ASIC's statement of claim, an HSBC spokesperson replied, 'as the matter is before the court, we are unable to comment'.
Sydney Morning Herald
08-06-2025
- Business
- Sydney Morning Herald
‘Losses will continue to mount': Bank staff's security warnings before massive scam cost customers millions
Similar warnings were made repeatedly in the years to come, according to the ASIC statement of claim filed to the federal court. '[C]urrently, HSBC do not have the capability to stop an online transfer of funds from one bank account to another,' said another presentation given in October 2022 to HSBC's Australian wealth and personal banking fraud steering committee. By July 2023, the court documents show that Matthew Hannan, HSBC Australia's head of fraud management, was making a 'special' presentation about an 'HSBC impersonation scam' in which he had said that 50 customers had lost money in the emerging scam, sometimes after receiving text messages that tricked them into sharing personal information. In September the same year, a slide pack for an HSBC Australia committee meeting discussing impersonation scams said that 'current limitations on desktop banking monitoring and real-time interception are impacting our ability to disrupt and prevent these attacks'. ASIC alleges that HSBC Australia didn't implement adequate real-time fraud payment monitoring, including capabilities to detect and block suspicious activity, across both mobile and online banking until about May 2024, at the tail end of the swindle. The corporate regulator also highlighted other alleged security deficiencies, claiming HSBC did not implement a digital fraud behavioral biometric system called BioCatch, and digital fraud device identification capabilities, via ThreatMetrix, for online banking until June 2024. In January 2022, the minutes of one of the bank's fraud steering committee meetings noted that 'losses resulting from these scam cases and determinations would likely have been avoided with BioCatch/ThreatMetrix implementation for transactional monitoring'. In December 2023, as the reports from the impersonation scam mounted, another internal presentation warned that until these systems were implemented for online banking, the fraud team 'cannot disrupt scams, and losses will continue to mount'. HSBC Australia customers lost $18 million via impersonation scams in the 2023 financial year, and $24 million in the first nine months of 2024, according to court documents. About 950 reports of unauthorised transactions were made to HSBC Australia between January 2020 to August last year. HSBC was due to file its defence in the case early last month, but failed to do so. At a hearing in May, Justice Elizabeth Bennett ordered the bank to provide a written explanation of their non-compliance. A solicitor acting for HSBC Australia earlier submitted that the bank had identified inaccuracies in data presented to the court that it needed to correct before it would be appropriate to file its defence. Asked about the repeated internal warnings of the bank's inability to halt suspicious transactions highlighted in ASIC's statement of claim, an HSBC spokesperson replied, 'as the matter is before the court, we are unable to comment'.
Techday NZ
16-05-2025
- Business
- Techday NZ
BioCatch & The Knoble launch toolkit to bolster scam defences
BioCatch and The Knoble have introduced a new toolkit to help financial institutions build a business case for scam prevention measures. The initiative includes a comprehensive resource package called "Measuring the Impact of Authorised Push Payment Scams: A Practical Framework for Financial Institutions." This package provides tools such as a cost-justification calculator, a practical guide for fraud and risk teams, and a presentation deck to assist executives in securing funding for scam-control strategies. The toolkit is designed to assist banks and other financial institutions in quantifying the true financial impact of scams, enabling them to demonstrate the return on investment for proactive scam prevention controls, as well as highlighting the ethical necessity. Emma Campbell, Director of Program Delivery, said, "Scams are not isolated financial crimes; they are deeply connected to human exploitation. Financial institutions play a critical role in disrupting human crime, and this toolkit gives them the tools to build the business case and take action." The increasing sophistication of scams has made them more than just isolated events. Organised criminal groups are often involved in wider criminal activities, including human trafficking and elder exploitation. This connection has added urgency for financial institutions to adopt more robust anti-scam measures. The toolkit draws upon financial data, global benchmarks, and real-world case studies to show how targeted investment in scam prevention can lead to cost savings, improved customer trust, and a reduction in long-term financial risks. The included cost calculator enables stakeholders to quantify scam-related losses, while the practical guide provides instructions for its use. The presentation deck is intended to support fraud leaders in advocating for funding in discussions with senior management. Seth Ruden, BioCatch Senior Global Advisory Director, commented, "Scammers today aren't only lone-wolf, individual operators. Increasingly, scams originate from industrialised complexes staffed in large part by trafficked peoples. The transnational criminal operations behind these scam camps employ a crime-as-a-service business model and harness GenAI-powered tools to improve both the sophistication and success of their attacks. Financial institutions deserve equally sophisticated scam controls. Delaying a proactive response only guarantees a future built on reactive defences." To support adoption of the business case toolkit, BioCatch and The Knoble will hold a webinar to review the toolkit's features, demonstrate the use of the cost calculator, and discuss key strategic considerations for implementing scam control measures following executive buy-in. The toolkit is available exclusively to members through The Knoble's member resource library. BioCatch applies behavioural analytics to monitor digital interactions with banking platforms, helping distinguish legitimate users from criminals by analysing patterns in device use and behaviour. The company works with clients from major global banks and financial institutions to improve fraud detection. The Knoble is a non-profit organisation established in 2019 that unites professionals from financial institutions, law enforcement, regulators, and NGOs to combat human crime, including scams, trafficking, child exploitation, and elder abuse.
Finextra
15-05-2025
- Business
- Finextra
BioCatch and The Knoble co-launch anti-scam guide and cost calculator
Financial scams are on the rise globally, resulting in billions in financial losses for both financial institutions and the individual consumers they serve. 0 The Knoble, a coalition of financial service professionals, law enforcement, regulators, and non-profit organisations dedicated to combating human crime, and BioCatch, which prevents financial crime by recognising patterns in human behaviour, are pleased to announce the release of a scams control business case: 'Measuring the Impact of Authorised Push Payment Scams: A Practical Framework for Financial Institutions.' This powerful resource package, comprised of a cost-justification calculator, a practical guide, and a strategic presentation, aims to equip financial institutions with the tools they need to build a compelling business case for proactively investing in scam-prevention controls. The initiative was developed with one goal in mind: To help banks articulate not only the ethical imperative of scam control programs but also their return on investment. 'Scams are not isolated financial crimes; they are deeply connected to human exploitation,' said Emma Campbell, Director of Program Delivery. 'Financial institutions play a critical role in disrupting human crime, and this toolkit gives them the tools to build the business case and take action.' Scams have evolved beyond isolated incidents, as organised criminal groups intertwine their scamming operations with human trafficking, elder exploitation, and a variety of other crimes. This comprehensive business case toolkit draws upon financial trends, global benchmarks, and case studies to illustrate how investing in scam prevention can yield substantial cost savings, foster customer trust, and mitigate the potential for long-term financial losses. The cost calculator helps stakeholders quantify the impact of scam losses. The accompanying guide offers clear instructions on using the calculator, while the presentation deck helps fraud leaders advocate for strategic scam control funding across the C-suite. 'Scammers today aren't only lone-wolf, individual operators,' BioCatch Senior Global Advisory Director Seth Ruden said. 'Increasingly, scams originate from industrialised complexes staffed in large part by trafficked peoples. The transnational criminal operations behind these scam camps employ a crime-as-a-service business model and harness GenAI-powered tools to improve both the sophistication and success of their attacks. Financial institutions deserve equally sophisticated scam controls. Delaying a proactive response only guarantees a future built on reactive defences.' To support the rollout of this business case, The Knoble and BioCatch will co-host an exclusive webinar on June 5, 2025, at noon ET: 'Justifying the Investment: The Business Case for Scam Controls.' The session will unpack the contents of the toolkit, walk through the calculator, and highlight key scam control strategies that become possible once buy-in is secured. The full resource package is available exclusively to members through the Knoble Network Member Center Resource Library. Not yet a member? Visit to join and gain access to this and other critical tools.
