Mumbai: BioCatch, a global leader in behavioural biometrics today launched a new service Age Analysis for financial institutions. It helps to protect their most vulnerable customers against money fraud.
The new service Age Analysis is a breakthrough account opening protection technology built to prevent costly financial fraud. BioCatch’s Age Analysis technology has lately gained considerable traction among select financial institutions.
Age Analysis – a customer-centred fraud prevention solution built to protect vulnerable customers. Cybercriminals often target elderly users while enabling positive digital experiences.
Age Analysis helps protect financial organisations and their customers against fraud threats focus on account origination for credit cards. Around 1.4 million identity thefts were reported in 2020 and consumers lost nearly $3.3 billion to fraud in the U.S. alone, according to the FTC.
Cybercriminals frequently target elderly populations because of their lower average level of digital and online experience, accumulated life savings, and perceived loneliness, and lack of close community.
Protecting seniors through account opening and beyond
Global organisations leverage BioCatch’s Age Analysis technology. Among them a major global credit card issuer found the technology to be increasingly vital to preventing fraudulent account openings. It claimed that after determining 40% of its confirmed fraudulent credit card applications involved a person with a declared age of over 60 years old.
A significant percentage of customers’ applications over 60 years of age were sent for manual review revealed the analysis. And it lengthened the application period and significantly disrupted the user experience.
These disruptions resulted in higher than average cancellation rates among applications where the declared age was below 60, indicating a subpar digital experience when compared with other age groups.
“We developed Age Analysis with enhancing customer protection and user experience as our guiding principles,” said BioCatch COO, Gadi Mazor.
“At BioCatch, we work closely with our clients to develop the most forward-thinking behavioural solutions to solve the ever-evolving challenges in combating fraud. Age Analysis empowers financial institutions with the behavioral verification protections most needed to address the growing threat of application fraud,” added Mazor.
While fraud and cybercrime reached record levels due to the pandemic, the use of digital channels has soared, and consumer-facing businesses are under increasing pressure to implement technology that does not introduce friction into the customer journey.
Over 50 global financial institutions leverage BioCatch’s behavioural biometric technology to reduce the emotional and financial impact of fraud and identity theft for their customers.