The company’s software checks over 500 bio-behavioral, cognitive and physiological parameters to create unique user profiles — and an individual web presence — for visitors to banking and eCommerce sites.
As reported in NoCamels (republished from The Times of Israel):
The company’s latest product, which is already deployed in a set of tier-one banks and to eCommerce customers, “differentiates between good users and criminal users, for situations where there is no historic data about these first time visitors,” said Avi Turgeman, the founder of Tel Aviv-based BioCatch, a financial security tech firm.
BioCatch is able to continuously authenticate users at every stage of an online banking session by analyzing behavioural parameters, including hand tremors, eye-hand coordination, and how a person moves a mouse, combined with behavioral traits such as usage preferences and device interaction patterns. This enables the creation of what BioCatch calls a Cognitive Signature, a sum total of all the factors that go into an interactive session.
BioCatch’s technology can record all this information, associating it with the user who is logged in and interacting with the site. In this way, banks or e-commerce sites can be alerted if the person performing the actions isn’t who they should be, for example. The company has already been marketing its continuous authentication software and its malware detection products to banks and other customers globally.
At the end of 2015, there were more than 33 million banking customers globally using the company’s behavioral biometric software, the company said. Its customers include some of the largest banks and eCommerce sites in Europe, Latin America and North America.
BioCatch’s latest software, called Criminal Behavior, comes at a good time. According to Veda’s 2015 Report on Cybercrime and Fraud, 1 in 4 Australians have been a victim of identity theft, and the figure increased by 7 percent in 2014/2015 from the previous year.
To read the full article as published in NoCamels, click here.