The Australian team acts as a base for rapid expansion across Asia-Pacific, providing global financial institutions with best-in-class capabilities to combat fraud.
Melbourne, Australia, 8 February 2023 – BioCatch, the global leader in behavioural biometric intelligence and cutting-edge fraud prevention technology, today announced it has established a Australian headquarters. In addition, the company reinforces its dominant position in the global market as it expands operations across Asia-Pacific with offices in Australia and Singapore. The announcement comes as the company shared highlights from 2022 including, their solutions protecting more than a quarter billion people globally and detecting $1.5 billion of fraud through their proprietary behavioural insights. Today, 4 of the 5 major Australian banks use BioCatch solutions to protect their customers.
First partnering with banks in the region in 2018, the company’s rapid growth and expanding global footprint reflect the speed at which Australian financial institutions are adopting modern technology to defend their businesses and customers against fraud. Business growth in Australia is contributing significantly to BioCatch’s strong APAC momentum of 335% ARR growth in 2021. In 2022 the company grew further across the greater APAC region by securing foundational accounts in India and through a multinational partnership with GBG.
Today, BioCatch works with a robust client portfolio across the Australia and New Zealand region including, customer, investor and client innovation board member, NAB, as well as Indue, an end-to-end payment solution provider with an extensive network of financial institutions, retailers, and non-profits across the region. In line with the increasing prevalence of financial fraud in Asia Pacific, BioCatch expects to be a launching pad for greater APAC initiatives, as the company continues to invest in the region to help financial institutions understand the current fraud landscape and arm them with actionable intelligence.
In response to market demand, BioCatch rapidly expanded its Asia-Pacific team in 2022, and is now the largest team of behavioural biometric experts in the region. The local presence, coupled with BioCatch’s global expertise in mitigating fraud and cybersecurity threats, enables BioCatch to continue robust support of Australia and New Zealand’s financial institutions in the fight against fraud, empowering them with best-in-class capabilities to better protect consumers. Led by Richard Booth, Head of APAC Market at BioCatch, the team grew by 20% last year and is responsible for accelerating expansion seeing 118% 3-year CAGR across the Asia-Pacific region.
Richard Booth, Head of APAC Market, BioCatch, said: “Australia and New Zealand are priority markets for BioCatch. The continued demand for our behavioural biometric intelligence solutions reaffirms the impact that BioCatch’s technology-first approach plays in the fast-moving digital transformation of the region’s financial landscape. Our investment demonstrates our long-term commitment to helping Asia-Pacific’s financial institutions tackle evolving fraud challenges and will enable them to securely capitalise on digital growth opportunities in an ecosystem where identity, trust, and ease seamlessly co-exist.”
BioCatch’s fraud protection platform is built on behavioural biometrics intelligence and detects financial fraud by identifying abnormalities in the data caused by changes to normal human behaviour that are strong indicators of fraud. BioCatch pioneered the behavioural-based technology in 2011. The company’s innovative technology allows it to analyse over five billion digital sessions per month and partner with more than 100 of the world’s leading banks to reduce the impact of fraud and identify theft on a global scale.
Mike Keating, Chief Revenue Officer, BioCatch said: “Our operations in Australia and the greater Asia-Pacific region have delivered consistent growth in recent years, in part thanks to the region’s continued digitalisation of banking services. Our established Australian presence is a strategically important addition to BioCatch’s global presence spanning 16 countries and more than 250 team members. We are positioned to continue our explosive growth momentum, reaffirming our mission to build a trusted digital world.”
Research from the Australia Banking Association confirms a sustained shift towards digital banking among Australian consumers, with more than 80 percent of consumers preferring to conduct banking online. A study by FinTechNZ also pointed to New Zealand’s fast-growing fintech sector, illustrating a similar shift towards the digitalising of in-country banking. These trends have the potential to elevate digital fraud challenges, collectively raising the need for effective fraud management solutions such as BioCatch’s behavioural biometric intelligence.
BioCatch is the leader in Behavioural Biometrics, a technology that leverages machine learning to analyse an online user’s physical and cognitive digital behaviour to protect individuals online. BioCatch’s mission is to unlock the power of behaviour and deliver actionable insights to create a digital world where identity, trust and ease seamlessly co-exist. Today, BioCatch counts over 25 of the top 100 global banks as customers who use BioCatch solutions to fight fraud, drive digital transformation and accelerate business growth. BioCatch’s Client Innovation Board, an industry-led initiative including American Express, Barclays, Citi Ventures, and National Australia Bank, helps enable BioCatch to identify creative and cutting-edge ways to leverage the unique attributes of behaviour for fraud prevention. With over a decade of analysing data, more than 80 registered patents, and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems. For more information, please visit www.biocatch.com