BioCatch has delivered a new method for detecting electronic scammers; The new software detects unusual behavioral patterns; Cross-tests were run between the behavior of normal clientele and that of a scammer; Rivner: Behavioral biometrics is the science of understanding human behavior.
In an age that seems to have no limits when it comes to what can be done electronically, Israeli startup company ‘BioCatch’ has created a new method for detecting scammers and alerting the parties (bank, individual, etc.) that could potentially be involved. The development came through a series of tests that were run, comparing normal behavior with irregular behavior when someone is under stress.
Co-Founder & Chief Cyber Officer of BioCatch, Uri Rivner, stated, “Behavioral biometrics is the science of understanding human behavior…It’s not about just authentication. It is also your state of mind.” Rivner discussed how their new biometric software is able to track irregularities in things like the movement of a mouse or activity on a keyboard.
Protection of the client in a proactive manner is what has been missing but BioCatch has now made that possible, and their software can make these detections in a consistent manner. Without going into too much detail, Rivner described how it’s not just one sign, but there are hundreds of indicators that their software is tracking in order to detect a potential victim of fraud before it happens (stress signals, sporadic movements, etc.). When a behavioral irregularity takes place, the software detects it and an alert is sent.
In one case involving a woman from the UK, she was scammed multiple times by scammers who were working together. Originally, the banking entity felt that they were in no way responsible if someone should fall victim to a scam, but then these cases began to multiply. Rivner’s team at BioCatch began to study the data biometrically, and they found common denominators in multiple cases of fraud. BioCatch is now being used by multiple entities, including banks because their software offers what is needed in today’s technologically advanced environment-a preemptive way to combat scammers.
Often, these scammers use a process of simple ‘social engineering’, where they use real-life scenarios to manipulate their victims. Rivner even made a biblical reference to the book of Genesis to prove his point as to how ‘social engineering’ has been in existence for millennia, referring to when Jacob deceived Esau out of his birthright for a bowl of stew.
BioCatch is now being utilized around the world and has raised over $50 million.