Detecting Deceptive Practices through Recognition Patterns: Biocatch Presents Anti-Social Engineering Fraud Platform
BioCatch's Scams360: A Revolutionary Solution to Authorized Push Payment (APP) Fraud
In the ever-evolving landscape of cybercrime, a new player has emerged to combat a growing challenge: Authorized Push Payment (APP) fraud. BioCatch, a leading cybersecurity company, has introduced Scams360 – a real-time fraud prevention technology that leverages advanced behavioral biometrics and device intelligence.
Scams360 analyzes up to 3,000 behavioral and device-based data points, such as typing speed, response time, inactivity periods, and phone calls during online sessions, to identify unusual patterns indicative of manipulation or coercion of the genuine user. This detailed analysis equips financial institutions with contextual risk scores that help them distinguish legitimate users from victims under fraudster influence.
The significance of Scams360 lies in its ability to address a gap left by traditional fraud detection systems, which often focus on identity theft or credential compromise but neglect behavioral manipulation. As APP fraud involves sophisticated social engineering tactics that psychologically manipulate victims into transferring money to fraudsters, Scams360's behavior-based approach offers a cutting-edge solution tailored specifically for this type of fraud.
A Canadian financial institution, which has been working with BioCatch for some time, reportedly prevented suspicious payments totaling over 100 million USD in 2024 alone. This success story underscores the platform's effectiveness in combating APP fraud, where there are no technical anomalies or compromised credentials.
The Global Anti-Scam Alliance estimates global losses from fraud to exceed one trillion US dollars per year, with indirect impacts such as increased customer support costs, heightened regulatory requirements, customer churn, and lasting reputational damage. BioCatch's strategic partnership with the non-profit organization The Knoble aims to foster a deeper understanding of the total costs of fraud, beyond immediate monetary losses. Together, they are developing a cost calculator and a guide for financial institutions.
As Suzanne Sando, analyst at Javelin Strategy & Research, calls for a shift in the financial industry to invest in more modern and advanced methods of fraud prevention and detection, BioCatch's Scams360 technology represents a promising step forward. The platform's focus on helping financial institutions improve their fraud prevention capabilities and protect their customers from social engineering attacks demonstrates BioCatch's commitment to developing innovative solutions for addressing the growing threat of cyber fraud.
[1] Biocatch, (2021). BioCatch's Scams360 platform significantly reduces APP fraud. Retrieved from https://www.biocatch.com/news/2021/12/biocatch-scams360-platform-significantly-reduces-app-fraud/
[2] The Global Anti-Scam Alliance, (2020). The Global Economic Impact of Scams. Retrieved from https://www.theglobalanticscamalliance.org/wp-content/uploads/2020/06/GES-Report-FINAL.pdf
The following cybersecurity company, BioCatch, has introduced Scams360, a technology that uses behavioral biometrics and device intelligence to prevent Authorized Push Payment (APP) fraud, which traditionally eludes detection by focusing on identity theft or credential compromise. This revolutionary solution, anchored in advanced technology, aims to address the growing global losses from fraud estimated to exceed one trillion US dollars annually.
