In a recent move to combat payments fraud and financial crime, Nasdaq Verafin and BioCatch have formed a strategic partnership. This collaboration aims to merge Nasdaq Verafin’s advanced fraud detection platform with BioCatch’s behavioural and device intelligence solutions.
The Urgency Behind Combining Technologies
Nasdaq Verafin’s 2024 Global Financial Crime Report highlights that payments fraud constituted the majority of global fraud losses, estimated at around USD 486 billion in 2023. This underscores the critical need for robust and innovative anti-fraud measures.
The report identifies key threats such as real-time/faster payments fraud (52%), money mule schemes (47%), and terrorist financing (33%). Nasdaq Verafin stresses that a collaborative industry approach is essential to address the growing complexity of criminal activities.
Partnership Details
The initial phase of the partnership involves integrating BioCatch’s alert systems directly into the Nasdaq Verafin platform. This integration will enable financial institutions to act proactively against payment fraud using a combination of behavioural and transactional insights.
This collaboration is expected to provide more comprehensive risk assessment throughout the lifecycle of transactions, streamlining the process for identifying and mitigating fraudulent activities in real-time.
Future plans include further product integrations, co-developed solutions, joint research initiatives, and shared thought leadership, all aimed at enhancing collective efforts against payment fraud.
About BioCatch
BioCatch operates a financial crime prevention platform that analyzes approximately 3,000 distinct behavioural and device-related data points. These include keystroke dynamics, mouse movements, physical attributes of devices, touchscreen behavior, and other interactions to create detailed user profiles. This information powers machine-learning algorithms, which help distinguish between genuine users and potential fraudsters.
About Nasdaq Verafin
Nasdaq Verafin is a leading provider trusted by over 2,600 financial institutions worldwide, managing assets totaling more than USD 10 trillion. It harnesses data from over 725 million counterparties globally to offer valuable insights into fraud risk that go beyond the scope of individual institutions.
