Australian-owned end-to-end payments provider, Indue, has announced it will embed BioCatch’s real-time behavioural biometrics solution into its payment ecosystem, boosting its fraud and theft detection capabilities.
The AI-backed technology tracks users’ physical and cognitive digital behaviour, and is expressly designed to distinguish between genuine users and frausters.
The technology works by continuously monitoring digital movements to identify signs of fraudulent activity. Once detected, these behavioural anomalies are flagged immediately with the payments provider to investigate or block the activity.
“The AI systems observe behaviour such as mouse movements, typing cadence and interactions with the screen to calculate a risk score and distinguish between genuine and criminal activity,” Indue wrote.
BioCatch said its technology provides users “with a frictionless digital experience empowering safety and trust between the financial institutions and their customers”.
Indue’s chief risk officer, Jane Hinton, added that the “best-in-class” behavioural biometrics technology – used by a number of big-name financial institutions – “will create a seamless and safe digital experience for users”.
“Most importantly it will provide additional peace of mind that online transactions through Indue’s payment platforms are secure and safe from the ever-growing threats of online financial crimes.”
BioCatch’s solutions are in use among a number of globally recognised financial institutions, including NAB in Australia, HSBC, Barclays and NatWest in the UK, and American Express.
The tech developer offers clients a range of behavioural biometrics-backed solutions, including account takeover protection, mule account detection, social engineering scam detection and account opening protection, as well as detection and blocking of .
Indue is a registered authorised deposit-taking institution (ADI) and is wholly owned by several Australian mutual banks and credit unions.
