Fraud prevention is a big thing for banks and e-commerce companies. Biocatch, a tal-aviv based startup tracks over 400 signs including how users move their mouses and use their track pads; if they’re using a mobile device, it taps into the gyroscope and accelerometer to see how they’re holding it. If someone is entering payment details, it will study whether they use the numberpad or the keypad. It even checks how long the user takes to respond to prompts.
The firm has recently raised USD 10 Million in Series A investment.
Also Read: 2-step verification is the way ahead for secure online payments says RBI
It uses cognitive behavioural biometric techniques to detect signs coupled with big data analysis of historical data to predict possible fraud behaviours.
It also identifies criminals setting up new accounts or purchasing with stolen credentials and helps e-commerce companies increase conversions by getting rid of other techniques like captcha etc.
Fraud prevention is a constant fight by global online experts, just like health. More new techniques evolve, the fraudsters find a crack, and the cat and mouse chase goes on.
Adoption of big data, biometric and sensors by online players has certainly given newer in-roads to fight fraud and at times stay ahead of it.
According to Dr. Aravind Chaturvedi
, Additional SP, UP Special Task Force (In the video below), currently online payment card fraud is 63% of the total retail pay-card fraud and most of the primary investigation sources are payment gateways. By implementing technologies like those mentioned in the paragraph above, will greatly reduce the work of the police as well.
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