BioCatch, a behavioral biometrics firm that seeks to uncover attempts at fraud, has partnered with Experian on fraud detection. According to a release, the two companies combined proved that layering multiple identity and fraud detection capabilities can help authenticate legitimate customers, improve their experience, and mitigate the risk of fraud. The combination generated a 73% increase in fraud detection and up to $23 million in fraud prevention savings.
BioCatch founder Avi Turgeman said they are excited to achieve such a level of success via their anti-fraud efforts with Experian – a top financial data provider. Experian is perhaps better known for providing credit reports as well as APIs to Fintechs in need of data insight for credit offerings. BioCatch is part of Experian’s CrossCore partner ecosystem.
“Layering BioCatch behavioral biometrics on top of Experian’s own capabilities adds a powerful frictionless dimension of intelligence to Experian’s digital identity offerings and further enables organizations to react quickly to changing usage patterns and emerging risk,” said Turgeman.
OurCrowd is a leading securities crowdfunding platform and an early backer of BioCatch – a company that recently raised $145 million in a Series C funding round that likely delivered unicorn status.