BioCatch Launches Behavioral Biometric Software
BioCatch, a leading behavioral biometrics company, unveiled a new piece of software designed to protect vulnerable segments of the population against fraud. Age Analysis was launched on October 5 in celebration of Cybersecurity Awareness Month. The software is a new account opening protection capability that’s focused on shielding elderly consumers from fraudulent practices.
“We developed Age Analysis with enhancing customer protection and user experience as our guiding principles,” said BioCatch COO Gadi Mazor. “Age Analysis empowers financial institutions with the behavioral verification protections most needed to address the growing threat of application fraud.”
The new software has already been deployed by a number of international organizations following analysis by one credit card issuer, which revealed that 40% of confirmed fraudulent credit card applications involved an applicant over the declared age of 60. Since this vulnerable group is a frequent target of identity theft, a significant percentage of applications had to undergo scrutiny that prolonged the whole process and affected the user experience.
Seniors are usually targeted due to their lower level of digital literacy, loneliness, and accumulated savings. As more traditional identity theft protection services fall short in addressing the issue of verifying the accounts of elderly customers, Age Analysis will safeguard seniors through the account-opening process.
By analyzing and profiling users based on their digital cognitive behavior, the software powered by machine learning can identify frauds. With a notable surge in identity theft cases during the COVID-19 pandemics, the new solution can help companies better cater to their customers and provide a more secure application process.
BioCatch was founded in 2011 with a mission to tackle ever-rising digital identity challenges by exploring online user behavior. Its unique approach to cyber security enhanced its fraud-fighting capabilities while accelerating business growth and improving the user experience at the same time.
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