BioCatch named leader in Behavioral Biometrics and Device Intelligence

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Jul 25, 2024, 07:00 ET

Quadrant Knowledge Solutions lists company as top performer

MIDDLETOWN, Mass., July 25, 2024 /PRNewswire/ -- In its latest evaluation of Behavioral Biometrics and Device Intelligence vendors, leading business management consultancy Quadrant Knowledge Solutions identified BioCatch as one of its top performers, in its 2024 SPARK Matrix: Behavioral Biometrics and Device Intelligence, ranking the company as a market leader in both technological excellence and customer impact. The report stressed both the necessity and urgency of adding behavioral biometric solutions – which analyze physical behavioral patterns (mouse movements and typing speed, for example) and cognitive signals (hesitation, segmented typing, etc.) – to every financial institution's fraud stack, as advancements in generative artificial intelligence (GenAI) render cybercriminals increasingly dangerous and legacy defenses increasingly vulnerable.

"Traditional Enterprise Fraud Management (EFM) ecosystems are not prepared to deal with the dizzying array of AI-supercharged threats, including impersonation scams, authorized push payment (APP) fraud, phishing attacks, identity theft, account takeover, botnet attacks, deepfakes, and more," BioCatch Chief Marketing Officer Jonathan Daly said. "Financial institutions must evolve and adapt to track and analyze the one thing machines and their cybercriminal handlers cannot fake: legitimate human behavior."

Quadrant Knowledge Solutions based its SPARK Matrix evaluation on research with expert interviews, analysis of use cases, and Quadrant's internal analysis of the overall Behavioral Biometrics and Device Intelligence market.

"BioCatch is a global leader in Behavioral Biometrics and Device Intelligence solutions," Quadrant Knowledge Solutions Research Analyst, Shivam Natani said. "The BioCatch Connect platform is leveraged by a multitude of global financial institutions to solve for use cases such as account opening and account takeover protection, mule account detection, and social engineering scam detection. BioCatch distinguishes itself in the global Behavioral Biometrics and Device Intelligence market by providing differentiated offerings such as patented behavioral biometrics technology, comprehensive fraud telemetry collection, a robust data consortium, and multi-machine-learning models. Additionally, BioCatch offers powerful visualization tools for effective fraud analysis and decision-making."

Quadrant's SPARK Matrix: Behavioral Biometrics and Device Intelligence, 2024 report highlighted the importance of continuous authentication solutions like behavioral biometrics, which continuously verify a digital user's identity throughout, at each step of every online session, without gumming up the user experience with constant push notifications and verification requests. Static authentication methods like passwords of numbers and letters, one-time passcodes (OTPs), voice verification, facial recognition, and fingerprint scanning all validate just once and are vulnerable to exploitation by cybercriminals armed with sophisticated dark web tools and social engineering scams.

To read Quadrant's complete evaluation, click here. To see BioCatch's 2024 AI, Fraud, and Financial Crime Survey, click here.

About BioCatch:

BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 30 of the world's largest 100 banks and 196 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch's Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 92 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.

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About Quadrant Knowledge Solutions

Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client's business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.

For more available research, please visit https://quadrant-solutions.com/market-research/

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Mr. Ajinkya Ingle
Quadrant Knowledge Solutions
Regus Business Center
35 Village Road, Suite 100,
Middleton Massachusetts 01949
United States
Email: [email protected]
Phone: (+1) 978-344-2770
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SOURCE Quadrant Knowledge Solutions