To battle the rise of new-account fraud, Dublin-based Experian has adopted a new tool from BioCatch, which uses behavioral biometric technology to spot fraudulent applicants.
Experian will integrate BioCatch into its CrossCore platform that protects against fraud and identity theft, the companies announced this month.
BioCatch works by tracking a range of consumer behaviors that captures 500 different parameters to determine whether a prospect opening a new account is a real person or a fraudster operating on a mass scale using stolen consumer data, said Eyal Goldwerger, CEO of BioCatch, which has offices in New York and Israel.
Recent data from Javelin Strategy & Research suggests that new-account fraud is a fast-growing category, with more than 1.5 million victims annually and more than $3 billion in losses last year.
For BioCatch, the deal with Experian will expand the reach of its behavioral detection tools beyond banks for the first time, Goldwerger said.
“Typically we sell our solution to large banks and financial institutions, but Experian serves a different audience and a more diversified client base,” Goldwerger said.
Kathleen Peters, global vice president of product management for fraud and identity at Experian, said in a press release that keeping up with the fast pace of fraud requires constant evolution of tools.
“Our partnership with BioCatch is another example where clients can stay ahead of the latest fraud threats by easily accessing behavioral biometrics as part of their fraud prevention strategy,” Peters said in the release.