BioCatch’s next-generation fraud-detection, scam-prevention, and anti-money-laundering solutions help banking and financial services organizations combat increasingly sophisticated digital financial crime.
BioCatch, a leading force in the realm of digital fraud detection and financial crime prevention through behavioral biometric intelligence, has unveiled a strategic collaboration with Google Cloud. This partnership aims to extend the reach of fraud-prevention solutions into burgeoning markets, initially focusing on the dynamic landscape of Southeast Asia. With an arsenal of cutting-edge fraud detection, scam prevention, and anti-money laundering solutions, BioCatch empowers banking and financial service entities to combat the ever-evolving sophistication of digital financial crimes.
Recent findings from BioCatch’s 2023 APAC Digital Banking Fraud Trends Report underscore the alarming surge of financial cybercrime in the APAC region, with authorized push payment (APP) attacks constituting a staggering 54% of confirmed fraud cases. By leveraging the capabilities of Google Cloud, BioCatch is poised to equip financial institutions across the region with the tools necessary to swiftly identify and thwart such fraudulent activities in real time, safeguarding their clientele from malicious entities.
Highlighting the urgency of this collaboration, a report from Singapore’s Cyber Security Agency (CSA) identified banking and financial services as the most frequently targeted vertical for spoofing in 2022. BioCatch’s proprietary technology scrutinizes over 3,000 distinct behavioral patterns—ranging from mouse movements to typing speed—and cognitive signals such as hesitation and disjointed typing, enabling the detection of anomalies indicative of fraudulent behavior. The synergy between BioCatch’s solution and Google Cloud’s renowned secure and adaptable cloud-computing platform represents a crucial stride towards ensuring real-time protection and elevating the precision and agility of fraud detection.
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“When it comes to preventing fraud, speed and accuracy are paramount to defeating criminals who are working harder than ever to defraud banking customers through modern technologies,” Richard Booth, BioCatch’s head of the APAC market, said. “The APAC market has seen a massive rise in advanced financial cybercrime, with criminals adopting sophisticated social engineering tactics that have proved difficult to foil in real-time with legacy security controls. Pre-crime logistics visibility and criminal network intelligence are vital to combatting these threats. This exciting partnership with Google Cloud allows us to meet these attackers head-on, leveraging an advanced global infrastructure to scale our solutions and fight fraud as it occurs– especially in places like Indonesia where compliance with local data sovereignty laws is paramount to BioCatch’s success.”
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