Australian neobank 86 400 beefs up security with BioCatch

Australian digital bank 86 400 has partnered with behavioural biometrics company BioCatch to enhance security and prevent fraud.

The digital bank has integrated BioCatch’s new tool that uses machine learning and behavioural biometrics to identify potential fraudulent activities in user movements.

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The platform is designed to prevent fraud during new customers onboarding and offers protection against potential account takeovers and phishing scams.

86 400 CRO Guy Harding said: “Our customers love how easy it is to bank with 86 400, including our incredibly fast onboarding experience.

“Partnering with a fellow tech innovator like BioCatch gives us best-in-class protection from impersonation fraud, without compromising our market-leading experience – particularly our two-minute onboarding for new customers.”

BioCatch monitors user movements such as device orientation, typing speed and swipe patterns to detect suspicious and fraudulent activity in the accounts without affecting the user experience.

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The neobank said it was able to integrate the BioCatch solution in less than a month.

BioCatch CEO Howard Edelstein added: “In today’s increasingly digital world, detecting and preventing fraud is more important than ever.

“Our unique approach and behavioural insights are helping innovators like 86 400 to prevent fraud without getting in the way of the customer experience. We are excited about the future of this partnership and the potential to expand BioCatch’s protection throughout the entire customer experience.”

Last moth, National Australia Bank (NAB) announced a plan to acquire 86 400 Holdings, the holding company of 86 400.

86 400 is known for offering a quick signup process for account creation and other banking transactions without visiting a physical branch.