#USA #New York #Fraud Prevention #BioCatch #Scams360

BioCatch Unveils Scams360: A Revolution in Scam Detection

In an age where financial scams continue to evolve at an alarming rate, BioCatch has taken a significant step forward in the fight against fraud. The company has recently launched Scams360, a behavior-based tool designed specifically for banks to detect and prevent a wide array of scams in real-time. This groundbreaking solution aims to combat the growing threat of authorized push payment (APP) fraud, where victims unknowingly transfer money to criminals under false pretenses.

Understanding the Need for Scams360

Financial scams have become a pervasive issue globally, with more than $1 trillion lost by consumers each year due to these illicit activities. With the rise of advanced technologies and the sophistication of criminals, traditional fraud detection systems often fall short, failing to recognize scams that rely on psychological manipulation. As financial institutions face mounting pressures to improve their defenses, BioCatch's Scams360 represents a cutting-edge answer to this urgent need.

For the first time, banks utilizing Scams360 can expect to improve their detection capabilities significantly. BioCatch's Chief Product Officer, Ayelet Eliezer, notes, "We are already witnessing a 50% enhancement in our ability to identify non-impersonation scams. Our alert rate is best-in-class, allowing banks to minimize operational costs while effectively preempting scams before they take financial tolls on customers."

How Scams360 Works

Scams360 distinguishes itself by leveraging BioCatch's innovative behavioral intelligence. By analyzing over 3,000 different behavioral and device-related data points—from typing speed to mouse movements and the presence of other applications during banking sessions—Scams360 can accurately differentiate between genuine user intent and potentially suspicious activities.

This capability is particularly crucial as the method of deception used in scams has become more sophisticated. Scammers use a range of tactics, including romance scams, investment fraud, and impersonation schemes, to prey on unsuspecting individuals. With Scams360, banks can now provide customers with state-of-the-art protection against these emergent threats.

Suzanne Sando, a Lead Analyst at Javelin Strategy Research, emphasizes the urgency for financial institutions to adapt to the changing landscape of consumer behaviors. "The rapid evolution of payment channels and e-commerce creates new opportunities for criminals to exploit weaknesses in scam detection. The financial services sector must invest in advanced tools like Scams360 to regain control from fraudsters."

The Impact of Scams360

The implementation of Scams360 is already proving successful, with one regional bank in the U.S. reportedly stopping over $100 million in impersonation scam payments in just one year. As scams continue to increase in complexity, BioCatch remains committed to developing solutions that empower banks and their customers.

To further combat these threats, BioCatch has partnered with The Knoble to launch an anti-scam guide and cost calculator. This initiative highlights the extensive impact of scams, beyond direct financial losses, by also considering operational costs and reputational damage.

With the promise of ongoing innovation in scam prevention, BioCatch continues to lead the charge in protecting financial systems and consumers alike. As part of its ongoing mission, the company analyzes over 15 billion user sessions monthly, safeguarding more than 500 million individuals across 1.5 billion devices worldwide.

In conclusion, BioCatch’s Scams360 is not just a new product; it’s a pioneering move towards a safer financial environment. As scammers become more adept at their techniques, tools like Scams360 are vital for financial institutions aiming to protect their clients and uphold their reputations. The battle against fraud is far from over, but with advancements like BioCatch's Scams360, banks have a formidable ally in this ongoing fight.