Early Warning, BioCatch partner on fraud prevention for FIs
Early Warning, a fraud prevention and risk management company, has announced a strategic alliance with BioCatch, a company dealing with behavioral biometrics, authentication and malware detection, according to a press release.
Through this collaboration and Early Warning's consortium model, financial services organizations can now gain and share behavioral intelligence to improve visibility of digital threats and reduce new account fraud and account takeover while improving their users' experience, according to the announcement.
Early Warning said its new offering transparently maps criminal behavior in the digital ecosystem, distinguishing the human from the nonhuman. It is used for new account enrollment as well as for existing account logins and sessions.
The product is intended to reduce fraud by providing critical intelligence to participating financial services organizations based on shared user behavioral insights and data gathered from bank-contributed fraud records.
"Integrating BioCatch's behavior analytics, plus our ability to authenticate consumers and their devices via the mobile network operators, enables participating banks to provide a more seamless and secure digital experience for their customers as well as increase their own operational efficiencies," Early Warning CEO Paul Finch said in the press release.
Early Warning recently announced its acquisition of Authentify Inc., which provides phone-based, multifactor authentication products, and maintains its 2013 equity investment and exclusive agreement with Payfone.