BioCatch, a digital identity company, announced that it has obtained a US patent on how to verify a user’s identity and detect fraud based on how the user owns and uses the mobile device.
The news follows Cybersecurity’s expansion of its global footprint last year by increasing its workforce from 126 to 175, opening an office in Singapore and expanding its business in India. ..
BioCatch currently resides on five continents and serves more than 40 customers.
BioCatch said it maintains a database of over 200 million individual behavioral profiles and analyzes over 2 billion digital sessions per month.
The company reported that mobile fraud accounts for about 50% of confirmed fraud cases on a global customer base.
BioCatch recently partnered with Suncorp, Australia’s leading provider of non-life insurance, banking and wealth management solutions to develop and release mule account detection solutions for banking customers. With this solution, Suncorp successfully shut down 90% of its mule accounts before the fraud occurred during the trial period.
“We continue to strengthen our platform and find new ways to protect financial institutions and their customers from fraud and cybercrime. Beyond 50 patents is a major milestone and innovation in the industry. Proof of strength and leadership.
We have a very strong IP portfolio in the areas of behavior and cybersecurity, and we will continue to expand this to meet our customers’ needs and help protect consumers. “
Avi Turgeman, Founder, CTO and Vice President of Business Development at BioCatch, said:
BioCatch added 10 newly registered US patents last year alone, and two more last month, bringing the total number of patents to 57 since its inception in 2011.
Featured Image Credits: Edited from Unsplash
BioCatch secures patents to authenticate users of mobile devices and expands with APAC
Source link BioCatch secures patents to authenticate users of mobile devices and expands with APAC