BioCatch, the global leader in digital-fraud detection and financial-crime prevention powered by behavioral biometric intelligence, announced a partnership with Google Cloud to extend fraud-prevention solutions into new and rapidly expanding markets, with an initial focus on Southeast Asia. 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’s 2023 APAC Digital Banking Fraud Trends Report shows the APAC region experiencing rapid growth in financial cybercrime, with authorized push payment (APP) attacks accounting for 54% of all confirmed fraud cases. Through its partnership with Google Cloud, BioCatch will provide the solutions needed for financial institutions in the region to recognize and combat these fraud attacks in real-time, protecting their customers from nefarious actors.
Published last summer, Singapore’s Cyber Security Agency (CSA) report identified banking and financial services as 2022’s most spoofed vertical. BioCatch analyzes more than 3,000 different physical behavior patterns (mouse movements and typing speed, for example) and cognitive signals (hesitation, disjointed typing, etc.) to detect anomalies that might indicate fraudulent activity. Pairing BioCatch’s solution with Google Cloud’s platform – renowned for its secure and flexible cloud-computing solutions – is a natural and necessary step to ensuring real-time protection and the enhanced accuracy and speed 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.”
SOURCE: PRNewsWire