Experian and BioCatch Provide a Global Financial Services Provider With a 73% Lift in Fraud Detection
21 Septiembre 2020 - 7:00AM
Business Wire
Layered behavioral biometrics, device
intelligence and machine learning drive stronger account opening
fraud detection and substantial operational improvements
Amidst the pandemic, consumers have progressively shifted more
and more of their activities online. Concurrently, there has been a
surge in fraudulent attempts - industry data suggests that, since
the beginning of the COVID-19 pandemic, there has been a 33 percent
increase in account opening (AO) fraud1. Furthermore, 57% of
businesses have reported higher losses from account opening and
account takeover fraud in the past year, per 2020 Experian Global
Identity and Fraud Report. In this challenging environment, a
global financial services provider sought Experian’s expertise to
keep ahead of fraudsters and stay on top of the evolving digital
landscape.
Experian joined forces with behavioral biometrics provider and
CrossCore® partner BioCatch to deliver a layered fraud detection
approach. Together, they proved that layering multiple identity and
fraud detection capabilities can help authenticate legitimate
customers, improve their experience and mitigate the risk of fraud.
Combining consumer behavior insights, device attributes and machine
learning provided optimal results, with a 73% increase in fraud
detection and up to $23 million in fraud prevention savings.
“In today’s new environment, companies have no choice but to
provide safe and convenient digital experiences while optimizing
their operations,” said Marika Vilen, SVP Platform
Commercialization, Global Identity & Fraud at Experian. “At
Experian, we know there’s no silver bullet when it comes to
fighting fraud, that is why we continue to develop our curated
partner ecosystem and took this opportunity to demonstrate how a
layered approach makes a significant impact.”
“We are excited about the success that has been achieved through
our support of the anti-fraud efforts of Experian, a company that
shares our commitment to innovation in fraud prevention and
dedication to customer experience,” said BioCatch founder Avi
Turgeman. “Layering BioCatch behavioral biometrics on top of
Experian’s own capabilities adds a powerful frictionless dimension
of intelligence to Experian’s digital identity offerings and
further enables organizations to react quickly to changing usage
patterns and emerging risk.”
BioCatch is part of Experian’s CrossCore partner ecosystem. Our
flagship identity and fraud prevention platform combines advanced
analytics, rich data assets, identity insights and fraud prevention
capabilities. Businesses can connect any new or existing tools and
systems in one place, whether it be Experian’s, our partners’ or
their own. With its built-in strategy design and enhanced workflow,
fraud and compliance teams have more control to quickly adjust
strategies based on evolving threats and business needs, which
helps to improve efficiency and reduce operational costs.
To date, CrossCore is being used by more than 250 clients
worldwide. Experian fraud and identity services are available
through the CrossCore platform.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments — from buying a home or a car to
sending a child to college to growing a business by connecting with
new customers — we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organizations to prevent identity fraud and crime.
We have 17,800 people operating across 45 countries, and every
day we’re investing in new technologies, talented people and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
About BioCatch
BioCatch pioneered behavioral biometrics, which analyzes an
online user’s physical and cognitive digital behavior to protect
users and their assets, all the while protecting user privacy.
Today, customers around the globe leverage BioCatch’s unique
insights to more effectively fight fraud, drive digital
transformation and accelerate business growth. With nearly a decade
of data, over 50 global patents and unparalleled experience
analyzing online behavior, BioCatch is the leader in behavioral
biometrics. For more information, please visit
www.biocatch.com.
Experian and the Experian trademarks used herein are trademarks
or registered trademarks of Experian and its affiliates. Other
product and company names mentioned herein are the property of
their respective owners.
_____________________________
[1] BioCatch research shows that, since the beginning of the
Covid-19 pandemic, they have seen a surge of fraud attempts across
its global customer base. Account Opening fraud attempts have
increased 33% and Account Takeover attempts have spiked 47%.
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version on businesswire.com: https://www.businesswire.com/news/home/20200921005134/en/
Kristie Galvani Rubenstein Public Relations 1
212 805 3005 kgalvani@rubensteinpr.com
Scott Anderson Experian Public Relations 1 714
830 3185 scott.n.anderson@experian.com
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