July 13, 2017
Israeli authentication technology provider BioCatch has secured a U.S. patent that will enable businesses to detect when a user’s device has been accessed remotely by an unauthorized person. BioCatch uses behavioral biometrics—how humans interact physically with their devices—to identify and verify authentic users and prevent fraud. Behavioral biometrics has been utilized as one defense against the rising threat to merchants and financial institutions of account takeover and account creation fraud. At the recent CNP Expo in Orlando, one of the key takeaways for attendees was the prevalence of ATO fraud and the breadth of merchant types it is now affecting.
One of the ways fraudsters are gaining unauthorized access to merchant and bank accounts is through the use of remote access tools (RATs). BioCatch says the technology covered by its patent will give companies visibility into this technique that has been exceedingly difficult to detect.
“In working with our global customers who have employed prior fraud prevention solutions, it has become clear that analyzing user behavior is the only way to effectively and consistently identify next-generation threats, such as RATs, without compromising the user’s online experience,” said Avi Turgeman, co-founder and CTO of BioCatch. “Rather than detect threats based on their origins, which can be masked, BioCatch monitors the user’s known behavior at the destination in the online session, and protects the user by detecting threats that exhibit anomalous user behavior, whatever their provenance may be.”