Nasdaq Verafin and BioCatch have entered a strategic partnership aimed at addressing the escalating threat of global payments fraud.
The collaboration is designed to bring together Nasdaq Verafin’s fraud detection platform and consortium data network with BioCatch’s behavioural analytics and device intelligence. Together, the companies aim to strengthen banks’ and financial institutions’ ability to prevent fraud in real-time, a growing challenge as digital and instant payment adoption accelerates worldwide.
Nasdaq Verafin provides fraud detection and anti-money laundering solutions and operates a consortium data network trusted by more than 2,600 financial institutions. The platform leverages data from over 725m counterparties globally, providing participants with collective insights into fraud and risk patterns that go beyond the scope of any single institution.
BioCatch offers a fraud prevention platform that analyses up to 3,000 behavioural and device-related datapoints, such as keystroke dynamics, touchscreen gestures, and device attributes, during user interactions with digital banking services. Its machine learning models use these signals to distinguish between legitimate users and fraudsters, helping financial institutions stop scams before funds are moved.
The initial phase of the partnership will see BioCatch’s alerts and insights integrated into Nasdaq Verafin’s platform. This integration is expected to help financial institutions pre-emptively block fraudulent transactions by combining behavioural and transactional intelligence in real-time. The agreement also outlines future joint product developments, enhanced integrations, and collaborative research and thought leadership.
According to Nasdaq, payments fraud is one of the most pressing challenges for the financial services industry. Fraud and scams accounted for the bulk of an estimated $486bn in global fraud losses in 2023, a figure driven higher by the widespread adoption of faster payment systems.
Nasdaq executive vice president and head of Nasdaq Verafin Stephanie Champion said, “As criminal threats grow in scale and sophistication each day, the need for greater industry collaboration has never been more urgent. We are thrilled to partner with BioCatch to further enrich our existing solutions and improve our clients’ ability to fight scams and payments fraud. This partnership showcases the power of two innovative organizations that have built exceptional, trusted networks. Together, we share a vision to leverage consortium data and behavioral insights as a force multiplier to create a true crime-fighting network that helps financial institutions act faster and better safeguard consumers from harm.”
BioCatch CEO Gadi Mazor said, “The job of a fraud fighter is hard, and it’s getting more difficult each day, as our criminal counterparts find new ways to socially engineer and scam bank customers. Our initial integration with Nasdaq Verafin promises to make the job of the fraud fighter immediately easier, giving them single-screen access to powerful, predictive behavioral and transactional fraud signals that enable real-time decisioning across sessions, users, and networks. This partnership underscores the need for a truly global, collaborative approach to fighting financial crime — one that changes the way financial institutions collaborate, protects account-to-account transfers, stops fraudulent payments, and eliminates the money laundering accounts that power financial crime syndicates.”
Datos Insights chief insights officer Julie Conroy added, “This partnership represents a win-win by combining the scale of consortium analytics with the precision of behavioral and device intelligence, enabling a comprehensive defense against increasingly sophisticated fraud attacks. Fraudsters are actively capitalizing on the immediacy of faster payments to commit faster fraud, and it’s imperative that financial organizations have the tools that enable them to move from reactive mode to proactive prevention to protect both their bottom line and consumer trust.”
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