BioCatch unveils Connect 2.0 to combat rising banking fraud

BioCatch has launched Connect 2.0, an updated platform aimed at providing comprehensive protection for financial institutions against digital banking fraud and other financial crimes. The platform combines behavioural analysis, device data, and advanced network mapping to identify and respond to a growing array of threats, including those powered by artificial intelligence.

Platform capabilities

Connect 2.0 unifies multiple layers of fraud detection into a single system, using its upgraded BioCatch Align SDK.

The SDK collects over 3,000 types of behavioural and device telemetry data from user sessions. This enables the system to analyse and respond to potential threats in real time, processing data within milliseconds.

According to BioCatch, the technology monitors 16.1 billion user sessions per month and currently protects 555 million users on 1.6 billion devices globally.

In addition, the platform includes BioCatch Link, formerly called Scout, which creates detailed maps showing connections between users, devices, and payments. This capability is intended to uncover suspicious activity and criminal networks that might go undetected with traditional transaction monitoring techniques. It also supports compliance with regulatory expectations to prioritise prevention over mere reporting and aims to improve collaboration between fraud and anti-money laundering teams within financial institutions.

Advanced detection

BioCatch Connect 2.0 introduces enhanced capabilities for detecting various sophisticated threats. Its malware-detection tools now analyse refined behavioural data, identifying anomalies common to multiple forms of malware. This approach is based on assessing the temporal structure and dynamics of user behaviour throughout online sessions.

The updated platform also addresses risks linked to agentic AI-automated tools that can perform transactions or respond on behalf of users. Connect 2.0 is designed to differentiate between human activity and agent-driven patterns. This distinction helps banks identify AI-driven fraud risks while allowing legitimate automated transactions when permitted by the bank.

Remote-access threats, such as those involving unauthorised third parties controlling user devices, are tackled using new deep-learning models trained on proprietary behavioural data. BioCatch states that this step improves detection accuracy and reduces false positives compared to previous solutions.

Real-time analytics

The platform comes with faster response capabilities and integrated analytics tools. These provide investigative dashboards and AI-generated summaries to support banks in conducting efficient risk reviews and investigations. Orchestration platform hooks aim to streamline operations for institutions already handling large volumes of transactions and alerts.

Market response

"Fraud, scams, and financial crimes are only growing more complex, diverse, and interconnected. Risk executives today must protect customer assets against a variety of threats while also not exhausting already-strained tech operations budgets. BioCatch Connect 2.0 offers financial institutions a holistic, full-spectrum platform they can implement just once to protect against all kinds of contemporary fraud and financial crimes, as bad actors increasingly turn to an ever-expanding suite of AI tools to hone and scale their attacks," said Gadi Mazor, Chief Executive Officer, BioCatch.

Operational integration

BioCatch aims for Connect 2.0 to replace multiple isolated fraud detection tools that many financial institutions use. The company highlights reduced costs, lower operational complexity, and improved scalability as goals for financial services clients adopting the platform.

"Align is designed as a one-stop shop for protecting against all forms of digital banking fraud and financial crimes. It allows financial institutions to replace patchworks of SDKs from multiple vendors with a single comprehensive solution, reducing costs, complexity, and ongoing maintenance, while increasing the efficiency and scalability of their technology infrastructure," said Ayelet Eliezer, Chief Product Officer, BioCatch.