NEW YORK, & TEL AVIV--(BUSINESS WIRE)--BioCatch, the global leader in behavioral biometrics, announced today that it has received a U.S. patent for its innovative Mule Account Detection solution, which identifies mule bank accounts used for money laundering or terror funding.
The first-in-class Mule Account Detection solution monitors user interactions via a computing device during online access to a banking account. Based on real-time monitoring of the user behavior and continuous monitoring of the account, BioCatch’s solution can determine whether the online banking account is being utilized as a mule account to illegally receive and transfer money.
Money mules, individuals who, at someone else's direction, receive and move money obtained by criminal means, are an increasingly effective method in the fraud ecosystem that enable criminals to receive funds at the last stage of the money laundering process. The recent rise in mule activity has attracted new scrutiny from global regulators directed towards a financial institution’s role in detecting and handling of these accounts.
“Close collaboration with leading financial institutions allows us to identify gaps in the fraud landscape and develop innovative solutions to ensure our global client base and their customers are protected from cybercriminals,” said Gadi Mazor, BioCatch’s Chief Executive Officer. “Mule accounts are crucial in the fraud supply chain and, if left undetected, pose a substantial financial risk. BioCatch’s deep knowledge and experience in applying behavioral insights to prevent fraud allows us to proactively identify the nuances of mule accounts, helping prevent reputational loss and regulatory scrutiny for financial institutions.”
"Using our global knowledge of cyber-fraud trends, BioCatch has identified five personas commonly associated with mule accounts ranging from knowingly criminal to unaware victim.” said Itai Novick, BioCatch’s Chief Science Officer. “Isolating the different mule personas across both new and existing accounts allows fraud to be detected more easily before financial institutions and their customers incur financial losses”. Learn more about the personas research from BioCatch.
Including the Mule Account Detection patent, BioCatch secured seven new patents in the U.S and Europe in 2021 and two additional patents in 2022, bringing its patent total to 71 registered patents across the U.S., U.K., and Europe. BioCatch’s vast patent portfolio is a testament to the company’s continued innovation and thought leadership in the behavioral biometric and cybersecurity fields and makes it a prominent industry leader.
BioCatch’s fraud protection platform detects financial fraud across several use cases such as account opening fraud, account takeover, scams and social engineering, and mule accounts. The company’s innovative technology allows it to analyze over three billion digital sessions per month and partner with more than 60 of the world’s largest financial institutions, helping to reduce the impact of fraud and identify theft on a global scale. Twenty-five of the top 100 global banks rely upon BioCatch to protect their customers against harmful fraud attacks, empowering digital relationships of trust and ease.
BioCatch is the leader in Behavioral Biometrics, a technology that leverages machine learning to analyze an online user’s physical and cognitive digital behavior to protect individuals online. BioCatch’s mission is to unlock the power of behavior and deliver actionable insights to create a digital world where identity, trust and ease seamlessly co-exist. Today, BioCatch counts over 25 of the top 100 global banks as customers who use BioCatch solutions to fight fraud, drive digital transformation and accelerate business growth. BioCatch’s Client Innovation Board, an industry-led initiative including American Express, Barclays, Citi Ventures, and National Australia Bank, helps enable BioCatch to identify creative and cutting-edge ways to leverage the unique attributes of behavior for fraud prevention. With over a decade of analyzing data, more than 70 registered patents, and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems. For more information, please visit www.biocatch.com.