Identifying deceit through pattern analysis: Biocatch launches platform for countering social engineering fraud scams
In the ever-evolving digital landscape, the demands on fraud detection have never been greater, especially with the emergence of generative artificial intelligence refining fraud schemes. To combat this, Biocatch, a leading cybersecurity company, has introduced a groundbreaking fraud prevention technology called Scams360.
Scams360 is designed primarily to combat rising social engineering attacks, particularly Authorised Push Payment (APP) fraud. Unlike traditional security measures, which often rely on static rules or device fingerprinting, Scams360 uses advanced behavioral biometrics to identify subtle scam behaviors.
According to BioCatch’s Chief Product Officer, Ayelet Eliezer, Scams360 has delivered a 50% improvement in detecting non-impersonation scams compared to previous methods. This technology leverages behavioral analytics to spot scams in real time, focusing on the psychological manipulation tactics that APP fraudsters use to trick victims.
This proactive approach reduces false positives, keeping operational costs low while increasing prevention efficacy. In fact, a Canadian financial institution, which has been working with Biocatch, was able to prevent suspicious payments totaling over 100 million USD in 2024 alone.
Moreover, given that APP fraud often involves social engineering rather than technical breaches, Scams360’s ability to detect psychological manipulation marks a crucial advancement in protecting customers and bolstering trust in financial institutions.
Biocatch has also partnered with the non-profit organization The Knoble to develop tools to raise awareness and measure the economic impact of fraud. The cost calculator and guide for financial institutions, developed by Biocatch and The Knoble, aim to provide a comprehensive view of the economic impact of fraud, going beyond immediate monetary losses.
The Global Anti-Scam Alliance reports that global fraud losses exceed one trillion US dollars per year and are rising. With such staggering figures, the need for advanced fraud prevention technologies like Scams360 is more pressing than ever.
In summary, Scams360 provides a best-in-class, effective solution to drastically reduce APP fraud relative to traditional security measures. By focusing on behavioral biometrics and psychological pattern detection, Scams360 offers financial institutions a powerful tool to safeguard their customers' funds and maintain trust in an increasingly complex digital world.
[1] Biocatch Press Release, 2021 [2] Javelin Strategy & Research, 2021 [3] Suzanne Sando, Analyst at Javelin Strategy & Research [4] Biocatch, 2021 [5] Global Anti-Scam Alliance, 2021
The following technology, Scams360, developed by Biocatch, has demonstrated a significant advancement in finance and cybersecurity, particularly in the realm of business and technology, by focusing on the detection of psychological manipulation tactics employed in Authorised Push Payment (APP) fraud. This proactive approach has led to a 50% improvement in detecting non-impersonation scams, as well as the prevention of suspicious payments totaling over 100 million USD for a Canadian financial institution in 2024 alone.
Biocatch, in collaboration with The Knoble, has also developed tools to raise awareness and measure the economic impact of fraud, providing a comprehensive view of the economic impact of fraud beyond immediate monetary losses. Given the rising global fraud losses of over one trillion US dollars per year, the need for advanced fraud prevention technologies like Scams360 is more pressing than ever.
