BioCatch Secures Patent for Authenticating Users of Mobile Devices, Expands in APACby Fintech News Singapore February 17, 2021
BioCatch, a digital identity company announced that it has received a registered U.S. patent for its method of verifying a user’s identity and detecting fraud, based on the manner in which the user holds and uses their mobile device.
This news follow the cybersecurity firm’s recent expansion of its organisation last year with an increased headcount from 126 to 175 employees, and broadened its global footprint by opening an office in Singapore and adding to its operations in India.
BioCatch now has a presence on five continents and serves over 40 customers.
BioCatch said that it maintains a database of over 200 million individual behavioural profiles and analyses more than two billion digital sessions per month.
The company reported that mobile fraud make up approximately 50% of confirmed fraud cases across its global customer base.
BioCatch recently partnered with Suncorp, a leading provider of general insurance, banking, and wealth management solutions in Australia, to develop and release a mule account detection solution for its banking customers. With the solution, Suncorp successfully shut down 90% of mule accounts before any fraud occurred during a trial period.
“We continue to enhance our platform and find new ways to protect financial institutions and their customers from fraud and cybercrime. Surpassing 50 patents is a major milestone and a testament to our innovative strength and leadership in the industry.
We have a very strong IP portfolio in the behavioural space and in the cybersecurity field, and we intend to continue to expand it to address the needs of our customers and to help protect consumers.”
said Avi Turgeman, Founder, CTO & Vice President of Business Development of BioCatch.
BioCatch added ten new registered U.S. patents last year alone and another two this past month, bringing its patent total to 57 since its founding in 2011.
Featured image credit: Edited from Unsplash