BioCatch launched its eCommerce fraud prevention solution. The new tool uses behavioral biometric analysis to detect suspicious behavior and authenticate repeat customers, while reducing customer friction associated with additional security verifications and checks.
BioCatch creates a behavioral profile for every customer of an eCommerce site or mobile app, transparently authenticating their activities. The system collects and analyses over 400 bio-behavioral, cognitive and physiological parameters by observing how the user holds and touches a mobile device, interacts with an online site, and responds to subtle hidden challenges. The system then authenticates visitors upon their return to a site as well as identifies users exhibiting behaviors consistent with fraudsters.
“The eCommerce solution developed out of a necessity for effective fraud protection, while minimizing obstacles for customers visiting eCommerce sites,” said BioCatch CEO Benny Rosenbaum. “The platform is a natural progression of our continued successes protecting banks and online spaces. We are effectively addressing the two greatest problems facing eCommerce today: user-experience and fraud.”
BioCatch’s eCommerce solution can replace the CAPTCHA, as it automatically detects and prevents Botnet and replay attacks. This allows for a faster and easier checkout or enrollment process by a website’s customers.
The solution also provides fraud teams and management with complementary data, which can then be used to improve a site’s conversion rates. This data can be incorporated into Big Data stores to further correlate behavioral biometric data with other transactional and personal information.
BioCatch’s flagship threat detection technology identifies fraud typically missed by existing fraud detection controls. It spots suspicious behaviors consistent with fraud and criminal activity, including repeat fraudster access, new-account setup, account takeover practices, device and network spoofing, and out of genuine profile behavior.