BioCatch has introduced a new offering to safeguard banking customers from a new form of fraud known as vishing.
Vishing is a type of Authorised Push Payment (APP) fraud where the fraudsters, pretending as banking or other officials, con customers by persuading them to transfer funds.
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In the first half of last year, nearly 4,000 UK banking customers became victims to vishing scams losing an average of around £9,000 each, according to UK Finance.
BioCatch behavioural biometrics solution
The new BioCatch offering identifies subtle changes in known user behaviour which indicates that the victim is conducting money transfers under fraudulent influence.
It notifies such incidents in real-time to the bank, preventing vishing scams.
The solution utilises 39 patented advanced data science and artificial intelligence (AI) and 25 other patent-pending techniques.
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By GlobalDataBioCatch founder, CTO and vice-president of Business Development Avi Turgeman said: “Vishing, a type of APP fraud, is one of the hardest social engineering scams to detect because it’s essentially a person defrauding him or herself while under the influence of a con artist.
“Traditional fraud detection measures do not work in this instance – the real person is logging in from their own device at the correct location conducting a fully authorised transfer.
“Nonetheless, by analysing more than 2,000 potential behavioural parameters in real time that does not disrupt the user journey, BioCatch can discern whether or not a person is being directed by a fraudster.”
In December last year, BioCatch partnered with ACI Worldwide to combat online and mobile banking frauds using behavioural biometrics.
