Unveiling the Scam Detection Tool: Scams360 by BioCatch
In the ever-evolving world of digital banking, the threat of scams and fraud looms large. To combat this, financial crime prevention innovator BioCatch has launched a new solution - BioCatch Scams360. This ground-breaking platform made its debut at the platformFall 2014 in New York.
BioCatch Scams360 is a behavior-based scam-fighting solution designed to help financial institutions combat authorized push payment (APP) fraud and social engineering-based scams. It uses advanced behavioral and device intelligence to monitor user interactions, tracking up to 3,000 different behavioral and device-based datapoints.
The platform enables financial institutions to detect and prevent most APP fraud in real time. This means that potential scams can be identified and stopped before any money is transferred from the victim's account. Scams360 defends against a full spectrum of scams, including romance scams, investment scams, business email compromise (BEC), and impersonation scams.
By providing early alerts on suspicious transactions, Scams360 helps banks reduce operational costs associated with fraud intervention. It also improves the detection rate, allowing institutions to stop more scams without significantly increasing their operational burden.
BioCatch Scams360 has shown a 50% improvement in the ability to detect non-impersonation scams. The current alert rate of Scams360, the percentage of total transactions requiring banks to intervene, is best-in-class.
BioCatch, founded in 2011 and headquartered in New York, counts more than 250 financial institutions, including 34 of the world's largest banks, among its customers. The company recently announced a partnership with identity and fraud prevention platform provider Alloy and teamed up with The Knoble, a Tennessee-based alliance against financial crimes.
In 2024 alone, BioCatch helped a regional bank stop $100 million in impersonation scam payments. BioCatch Scams360 was first unveiled by BioCatch in 2014.
The cost of fraud, according to the anti-scam guide developed by BioCatch and The Knoble, includes customer churn, reputational risk, compliance exposure, and more. With BioCatch Scams360, financial institutions can take a proactive approach to combat sophisticated social engineering scams that rely on psychological manipulation.
BioCatch topped $160 million in annual recurring revenue (ARR) in Q2 of this year, demonstrating the growing demand for its innovative solutions in the fight against financial crime.
- BioCatch Scams360, a behavior-based solution launched in 2014, integrates financing institutions' technology systems to combat cybersecurity threats such as authorized push payment (APP) fraud and social engineering-based scams, using advanced behavioral and device intelligence.
- The innovative Scams360 platform by BioCatch, currently being used by more than 250 financing institutions, including 34 of the world's largest banks, saves operational costs associated with fraud intervention and improves detection rates, thereby helping to reduce the overall cost of fraud.
