Florida-based payment systems firm ACI Worldwide has entered into a collaboration with BioCatch to give customers enhanced protection from online and mobile banking fraud such as account takeover, social engineering and robotic activity.
Image: ACI joins forces with BioCatch to check banking fraud. Photo: courtesy of John Phelan/Wikipedia.org.
Founded in 2011, BioCatch is a digital identity company, which provides behavioral biometrics to banks and other enterprises. The company has offices across Israel, the UK, US, Columbia and Brazil.
ACI Worldwide provides real-time electronic payment and banking solutions, serving more than 1,000 large financial institutions and intermediaries, and also thousands of global merchants across the world.
The payment systems firm said that in addition to the capabilities offered by its UP Payments Risk Management solution, banks across the world will now leverage the real-time behavioral assessments from BioCatch to identify various cyberthreats without compromising on the user experience.
Currently, ACI’s UP Payments Risk Management solution offers machine learning and advanced analytics capabilities to banks.
ACI Worldwide payments intelligence & risk solutions global director Cleber Martins said: “By providing banks with cost-efficient access to behavioral biometrics technology from BioCatch, and expanding the powerful enterprise risk management eco-system from ACI, banks can further promote safety and loyalty through the online relationship with their clients, and rest assured that their important assets are being protected on every channel.”
BioCatch’s behavioral biometrics solution analyzes how users interact with online applications and devices and presents them subtle tests called “invisible challenges” into their online banking sessions.
According to ACI, users respond to the challenges subconsciously without sensing any change in their experience. The response is translated to additional behavioral data that can be used to differentiate between a genuine user and an imposter and also whether they are human or robotic.
BioCatch CTO and founder Avi Turgeman said: “By using behavioral data to distinguish between a genuine customer and a fraudster – whether human or non-human – we are able to detect fraudulent activity in real-time and protect consumers.
“Our high-profile customer base attests to the significant and measurable ROI that the technology provides coming from reduced fraud losses, lower operational costs, improved customer service and prevention of false declines. These capabilities are complementary to ACI’s market-leading fraud management solution.”