BioCatch, a global behavioral authentication and malware detection company, announced on Wednesday (June 8) that it will extend its collaboration with Microsoft Azure to increase its behavioral biometrics technology capabilities.
The company plans to integrate additional Microsoft Azure capabilities into its behavioral biometrics technology that it said will enhance its ability to detect and fight fraud globally. Working with Microsoft Azure enables BioCatch to develop and deploy its cloud-based solution at banks and eCommerce sites located around the world.
“Microsoft Azure has given our technology teams the ability to create, iterate and rework our platform to fit the specific needs of our varied customers around the world and will continue to play an increasingly important role for BioCatch as we build out our capabilities,” Tal Moyal, VP of R&D at BioCatch, said in a press release.
The company said it monitors more than 1 billion transactions each month to help safeguard them across a myriad of use cases, including account takeover, high-risk transaction, same-day payments and new account fraud.
Nicole Herskowitz, senior director of product marketing for Microsoft Azure, said:
“Microsoft Azure is a cloud computing platform that empowers innovative startups, like BioCatch, which, in turn, helps to protect 33 million users. We look forward to continued collaboration with BioCatch as they build out their Behavioral Authentication and Malware Detection solutions.”
Biometric technology is becoming increasingly used in the payments and commerce space, and with its ability to play a role in possibly reducing fraud, it’s likely to continue gaining popularity.
Last year, BioCatch launched a new account fraud detection solution aimed at helping the retail banking, eCommerce and payments sectors address how they can catch fraud for new bank or user accounts on its network.
The solution is aimed at using BioCatch’s behavioral biometrics technology to flag and catch fraudulent behavior in real time as the hackers enter the account or steal any funds or information. Because of how fast a cybercriminal can act, BioCatch believes it to be critical to be able to provide the real-time technology in order to be more proactive in preventing data account hacks. This means catching the breach the minute the data has been breached, the company said.