Outstanding Performance > Best New Product
BioCatch, the global leader in behavioral biometrics, introduced a new offering to help protect consumers from phone scams known as vishing, a type of Authorized Push Payment (APP) fraud, in response to the growing vishing epidemic. Vishing, which involves fraudsters impersonating bank or other officials such as the police to trick victims into transferring funds, has become the fastest growing social engineering scam in the United Kingdom. UK Finance reported that in the first half of 2018, nearly 4,000 UK banking customers lost an average of more than £9,000 each due to vishing scams.
The new offering from BioCatch detects subtle changes in known user behavior that suggest the victim is under the influence of a criminal, unwittingly taking instruction to conduct fraudulent money transfers. Leveraging 42 patented advanced data science and AI techniques and 23 more with patents pending, BioCatch analyzes the user’s online interactions in real-time and generates powerful behavioral insights. Among these insights are indicators that suggest a person is conducting a transaction under the influence of a fraudster. By flagging this in real-time, banks are able to prevent significant customer losses and better protect their assets.
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 authorized transfer. However, since BioCatch is based upon behavioral biometrics, the platform can catch vishing in the act - where traditional fraud detection platforms cannot.