AimBrain’s platform combines several distinct methods to detect potential fraud, including behavioral biometrics, anomaly detection and other biometric modalities, to support various use cases in the digital identity lifecycle, including step-up user authentication to comply with KYC, AML, PSD2 and other regulatory requirements.
The AimBrain technology complements and deepens BioCatch’s solution as the company extends its leadership in digital identity, where enhanced fraud detection and better user experience are critical to meeting the evolving needs of banks and other financial institutions seeking to protect their clients’ assets.
As part of the acquisition agreement, the AimBrain team will join the highly-regarded BioCatch team, accelerating the company’s ability to execute on its ambitious growth plan.
“This is a very exciting development for us,” said Howard Edelstein, Chairman & CEO of BioCatch. “AimBrain’s people, technology and intellectual property will expand our capabilities considerably and help us extend our lead in the market as we aim to continue our rapid growth in 2020 and beyond.”
BioCatch owns more than 40 patents and has another 25 pending. AimBrain’s intellectual property will add another 4 patents to its holdings.
The company’s next-generation behavioral biometrics platform passively collects over 2,000 parameters of physical and cognitive user interactions across both web and mobile channels.
By analyzing these parameters in context, BioCatch extracts powerful online behavioral insights and applies them to various use cases across the digital identity lifecycle.
These use cases include detecting stolen or synthetic identities in account onboarding, authenticating users at login, detecting fraudulent account takeover attempts, and recognizing increasingly sophisticated social engineering scams.
“The fraud detection and authentication industries are rapidly consolidating, and we believe that combining forces with the leading global behavioral biometrics player at this time makes tremendous sense, both for ourselves and our clients,” said AimBrain CEO Andrius Sutas.
“Together, we will be able to pursue broader applications, particularly in the mobile arena which requires deep understanding of fraud behaviors and a way to allow legitimate users to transact unencumbered. We are very excited about the possibilities and to be joining the BioCatch team.”