BioCatch is a behavioral biometrics company that uses machine learning and artificial intelligence to combat fraud; the company monitors over 5 billion transactions per month and focuses on detection through behavior as opposed to endpoint security; the round was led by Maverick Ventures; American Express Ventures, NexStar Partners, Kreos Capital, CreditEase, OurCrowd, JANVEST Capital and other existing investors also participated in the round. Source
Nuance Communications is partnering with behavioral biometrics company BioCatch for new security authentication; BioCatch will provide authentication on internet and mobile devices as part of Nuance's Security Suite; through the partnership Nuance will now be able to provide fraud prevention offerings that expand beyond contact centers to digital channels as well. Source
Banks have started to implement behavioral biometrics more and more as it is seamless for customers and helps to better detect fraud; behavioral biometrics firms like BioCatch has provided banks with the type of security they like, customers cannot see if but it also is harder for criminals to spoof; BioCatch reviews more than 5 billion transactions per month and has about 60 million users in their system; another reason banks love this type of security is the privacy regulations are not as strict, the data is not personally identifiable and is based on type of actions. Source.
Through the partnership the two companies will provide services for fraud protection; a key service from the partnership will be risk scores through the LexisNexis Risk Defense Platform which provide companies with a risk measure based on behavioral biometrics analyzed during the application process; BioCatch has been actively developing new solutions involving behavioral biometrics and has secured over 23 patents related to fraud protection. Source
Experian will integrate BioCatch with its fraud prevention platform; the new platform services will use behavioral biometrics to help clients detect fraudulent credit card and loan applications; with BioCatch clients can consider a range of factors including the speed at which information is entered and how familiar a user is with the application process. Source