Published on : Mar 13, 2018
Machine learning and artificial intelligence technologies are poised to turn cybersecurity on its head by extending beyond endpoint security. Behavioral biometric authentication is creating new paradigms in the online security market. Coupled with threat detection technologies it is proving to be promising for preventing online frauds before they happen in banks and other organizations with high-volume critical transactions. To this end, BioCatch Ltd., a U.S./Israeli startup, announced on March 12, 2018 that it has closed US$30 million financing round. The growth funding will be used to consolidate its position and further help it achieve the vision of upending online security by focusing on the online behavior of customers.
The funding round is spearheaded by Maverick Ventures Israel and other notable partners are JANVEST Capital, OurCrowd, Creditease Corp., NexStar Partners, L.P., Kreos Capital, and American Express Ventures.
Big Data and AI Tech play Vital Role in Reinforcing Clients Trust in Online Transactions
The startup since 2011 has been actively helping cybersecurity solutions providers pioneer the growing use cases of behavioral biometrics in redefining identity frauds. Supported by big data analytics and artificial intelligence technology, its technologies have been playing a key role in the overall digital ecosystem of its clients. In the backdrop of soaring online frauds, such solutions help reinforcing a new wave of trust in online transactions. This helps preventing online frauds in real time and putting an end to fake accounts, all the while maintaining the much desired fine balance of keeping the client experience for legitimate users above par.
Behavioral Biometrics Track Multiple Cognitive Parameters to Identify Fraudsters
Cyber threats have been a nagging concern in diverse application areas such as banking, insurance, P2P payments, healthcare, and cryptocurrency. The BioCatch technology when installed on its client’s site or through an app zeroes in on as many as 500 cognitive parameters, combining physiological factors and behavioral traits, and use them to chart unique user profile of legitimate/unauthorized users, keeping frauds at bay even when they happen. According to the company, its technologies can monitor over 5 billion transactions every month and real time alerts to keep a tab on behavioral anomalies. Amidst growing digital engagement for enterprises, the growth round underscores the surging awareness of behavioral biometrics technology among corporates world over.