Pioneer in using online behavior for fraud detection and consumer protection extends funding round
BioCatch, the global leader in behavioral biometrics, today announced that four major global banks – Barclays, Citi, HSBC and National Australia Bank (NAB) – have invested $20 million in the company, extending the company’s recent Series C fundraising round to a total of $168 million raised.
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In conjunction with the funding, BioCatch has established the BioCatch Client Innovation Board. The invitation-only Innovation Board will be a collaborative forum where members will meet regularly to develop new, creative and cutting-edge ways to leverage and scale the unique attributes of behavior. The four investing banks and longtime BioCatch investor American Express Ventures will each be allocated two seats on the Client Innovation Board.
Innovation Board members will offer insights on the latest industry trends and ideas for new BioCatch offerings and technology. One of the board’s key focus areas will be on the development of advanced solutions that stay ahead of online fraud, which has proliferated since the advent of the coronavirus. BioCatch Client Innovation Board members will also work closely with each other and with the company to explore how collaboration and network effects can effectively combat online fraud and identity theft at an industrywide level.
Behavior provides powerful signals about whether online users are actually whom they purport to be, without revealing personally identifiable information. Flagging potential fraudsters before they can transfer funds from an account drives digital transformation and protects banks, their clients and their assets.
Innovation Board Members Comment:
“The BioCatch Client Innovation Board is a novel, industry-led initiative focused on online behavior, which is a powerful method to protect banking customers and other internet users from online fraud,” said Dana Eli-Lorch, Managing Director at American Express Ventures. “Particularly as many businesses moved online with the emergence of the COVID-19 pandemic, preventing digital fraud has become more important than ever. We are very excited to join the effort and continue to support BioCatch both as an investor and Client Innovation Board member.”
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