Israel cybersecurity firm BioCatch, a leader in behavioral biometrics announced this past week that it now has a compilation of privacy-protected digital behavioral profiles of more than 150 million individual online banking users, largely through its deployment at more than 40 major global banks and other financial institutions worldwide.
As such, the firm analyzes more than one billion digital sessions per month in real-time for potential fraud and other types of cybercrime to protect online users and their assets.
According to the company, cybercrime has accelerated dramatically as a result of the coronavirus, as fraudsters have sought to take advantage of distracted individuals working from home or dispersed companies whose technologists have been scattered in remote locations.
Through the continuous authentication of online sessions, behavioral biometrics flags physical and cognitive device interactions that present potential risk, the company is able to collect data without collecting personally identifiable information (PII).
The firm uses this to address some of the most pressing digital identity challenges that exist today, including detecting the use of stolen or synthetic identities at the onboarding stage, recognizing account takeovers and flagging increasingly sophisticated social engineering scams.
“Online authentication methods have to change, especially in light of the increased security risk inherent in remote access,” said BioCatch Chairman and CEO Howard Edelstein. “With behavioral biometrics, we passively monitor digital sessions from start-to-finish, eliminating friction for online banking users and keeping their assets safe from the rising tide of cybercrime. We’ve reached 150 million user profiles because we’ve been collecting digital data for almost a decade, far longer than anyone else. That’s why we can detect anomalies faster and with more accuracy than anyone else, even without collecting any PII.”
Last month BioCatch raised $145 million in a Series C investment led by Bain Capital’s Tech Opportunities fund, the growth investing business of Bain Capital. Also joining the round were American Express Ventures, CreditEase, Maverick Ventures and Our Crowd, among others.