#USA #New York #Fraud Prevention #Datos Insights #BioCatch Trust

BioCatch Trust™ Wins 2025 Fraud Impact Award

In a significant recognition of innovation in scam prevention, BioCatch Trust™ has been named the winner of the 2025 Fraud Impact Award by Datos Insights. This award honors BioCatch's proactive approach to safeguarding consumers against financial fraud, highlighting its effectiveness as a leading solution in the industry.

Launched in November 2024 in Australia and expanding to Argentina by May 2025, BioCatch Trust™ allows participating financial institutions to assess transaction risks before money is transferred. This preventative measure empowers banks to halt high-risk transactions, thereby protecting account holders from increasingly sophisticated social engineering scams, prevalent avenues for fraud that often occur outside of direct digital banking environments.

Enhanced Scam Detection with Real-Time Intelligence

Jim Mortensen, Strategic Advisor in Fraud and Anti-Money Laundering at Datos Insights, emphasized the importance of BioCatch Trust™, stating that it fills a crucial gap in scam prevention. Its real-time, cross-institutional intelligence sharing enables institutions to operate collaboratively while safeguarding customer privacy. This solution marks a notable shift from traditional methods that mainly focus on analyzing transactions post-factum, ensuring financial monitoring is more proactive than ever.

In Australia, BioCatch Trust™ currently protects over 80% of the online banking population, managing millions of transactions daily. The network excels in identifying various scam types, including romance scams, investment fraud, and business email compromise, with a success rate exceeding 70%. Importantly, it maintains an impressively low false positive rate, mitigating unnecessary hassles for legitimate users.

Over its initial ten months, BioCatch Trust™ has assessed a stunning $320 billion (approximately $500 billion AUD) in total payments, delivering risk evaluations in under 500 milliseconds. The results are striking; it has already saved Australian consumers millions by averting various scam threats.

The Collaborative Advantage of BioCatch Trust™

Gadi Mazor, CEO of BioCatch, stressed the importance of collaborative efforts in combating financial crime today and in the future. The initiative's founding members, which include major banking entities such as Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), and National Australia Bank (NAB), have fully embraced this collective intelligence-sharing system to maximize the effectiveness of fraud prevention strategies.

According to a panel of industry experts and strategic advisors at Datos Insights, BioCatch Trust™ was selected for its multifaceted approach to resolving industry challenges. The ability to provide visibility into institutional vulnerabilities exploited by scammers is instrumental in creating a more robust financial ecosystem.

Tim Dalgleish, SVP of Emerging Solutions Network at BioCatch, expressed appreciation for the tremendous teamwork that brought BioCatch Trust™ to fruition. He remarked on the dedicated efforts of data scientists, analysts, engineers, and executives from both BioCatch and its partnering banks, underlining the collective achievements reflected by this award.

As the Fraud AML Impact Awards enter their fifth year, they celebrate organizations that deliver disruptive financial crime solutions effective enough to tackle escalating threats. Candidates are evaluated on various criteria, including innovation, market demands, and overall efficiency in reducing financial crime risks. It is clear that BioCatch Trust™ exemplifies many of these qualities.

About BioCatch and Datos Insights

BioCatch stands at the forefront of fraud prevention, utilizing advanced behavioral biometrics to analyze user interactions across digital banking platforms. By discerning patterns in user behavior through over 3,000 anonymized data points, BioCatch’s technology helps differentiate between legitimate users and potential fraudsters, enhancing security measures in the financial sector.

Datos Insights, for its part, provides critical data and industry-specific advice tailored for banks, insurers, and investment firms, supporting them in navigating the complex landscape of today’s financial crime challenges. Their work aids in fortifying the defenses against emerging threats in the marketplace.

In conclusion, the recognition awarded to BioCatch Trust™ serves as a testament to the significant strides being made in the domain of fraud prevention, showcasing the potential impact of innovative collaborative strategies within the financial industry.