BioCatch has partnered with mobile-identity and security solution developer Entersekt to design secure digital banking and payment services.
By working together, the companies will look to build new online banking solutions, such as password-less logins and an enhanced remote user registration.
Entersekt Secure, one of the FinTech products in its portfolio, provides strong authentication and security around online experiences and transactions.
The BioCatch solution leverages AI to analyse how users interact with digital interfaces and devices, monitoring up to 2,000 parameters to passively authenticate a user and validate them in online applications. It is able to stop new account fraud and identify the use of stolen identities and will continue to verify the consumer identity across their interactions.
Working together, it BioCatch identifies an anomaly it will alert Entersekt’s security platform to conduct an out-of-band, multi-factor authentication. Entersekti is on a private-key infrastructure and is capable of uniquely identifying any consumer device through digital certificates.
Entersekt SVP North America Sherif Samy said, “BioCatch’s behavioral biometrics technology is an exciting alternative to the fingerprint and facial recognition solutions we already offer on our secure platform. It will add value for our customers, especially in usability, by helping to determine when step-up authentication is really required and when we can safely leave the user to go about their business uninterrupted.”
Last year, Entersekt revealed its mobile app security and authentication product Transakt was judged to be PSD2 compliant, enabling it to provide compliant security services to financial institutions.
BioCatch founder and chief technology officer Avi Turgeman said, “Financial institutions moving to the digital channel understand that both security and user convenience are paramount, but they often struggle with how to build a solution that addresses seemingly contradictory requirements. Our combined approach with Entersekt answers the call, with behavioral biometrics as ‘who you are,’ the mobile device as ‘what you have,’ and the additional elements required to step up a transaction in real time if there is a problem.”
Late last year, BioCatch formed a deal with ACI Worldwide to help better protect customers from online and mobile banking fraud, like account takeovers. Through the combined solution, banks can access the machine learning and analytics capabilities of ACI’s payment risk management solution, as well as BioCatch’s real-time behavioural assessments.
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