www.ceotodaymagazine.com BIOCATCH 70 enormous amount of friction to the user, whereas the BioCatch approach is frictionless and invisible. Currently we typically add an additional layer of security on top of traditional identity proofing and antifraud solutions. So you still use your username and password to log in, but we then monitor your complete online session, seamlessly and transparently. We provide a risk score to the bank based on the data collected during the session and how it compares to your past behavior as well as to our data set of 90 million users. And if it turns out your online behavior does not match your pre-existing behavioral profile, or changes, we alert the bank, which can then choose to either stop the session or further authenticate you – what banks refer to as an escalation. This ultimately protects you and your assets, as well as the bank. How many of these profiles have you collected at this point? We now have more than 90 million distinct individual profiles -- so many that we can identify good behaviors from bad behaviors with an extremely small margin of error. This allows us to assist our clients right from the account signup or initial authentication phase. When you are the custodian of someone’s assets, you are in a position of trust and want to take every precaution to make sure those assets are protected. Until BioCatch came along, no one thought about using behavior as a way to protect customers and get to know them better at the same time. Can you tell us who some of BioCatch’s major customers are? We typically serve large global banks and other types of major financial institutions, though we do have smaller institutions as clients as well. In the UK, the top banks are all BioCatch clients, including two who have spoken publicly – Royal Bank of Scotland and Barclays – to show that they are forward-thinking institutions that use the latest technology available to protect their clients and their assets. In the U.S. one of the top three universal banks is a BioCatch client, as are major financial institutions such as American Express and Principal Financial. Most of our clients prefer to remain anonymous though. Can you share any success stories for clients like these? I could share many were it not for non-disclosure agreements! We’ve identified imposters pretending to be bank officials, police investigators, even tax authority employees. In one memorable instance we even – Lazarus-like – raised a potential customer from the dead! In that instance, the user entered their social security number with a typo, which identified them as deceased, but everything else they did checked out. The returns on investment for most financial institutions from these types of things are very significant. In fact, ROI is typically so high that they often get payback within a couple of months. And client service improves as well. When a bank “knows” who is actually their client and who is not when a user enters their credentials, they will not lock you out when you log in from a vacation destination, for example. We hear so much today about AI – Artificial Intelligence. What role, if any, does AI play in the BioCatch solution? AI is actually a very important component of what we do at BioCatch. If it weren’t for AI we couldn’t do any of the things that we do to protect our clients and their customers. We’ve actually been using AI since the early days of the company and have thus become highly proficient at it. With the profusion of new data – such as behavioral data - the ability to search and analyze large data sets today is key. Today there is no online security without AI. What are the biggest threats you see on the horizon at the moment? The main problem is the bad guys are getting better every day. They coordinate better than the good guys do, and technology is making it cheaper and easier for them to bypass normal channels and normal authentication mechanisms. At the end of the day this is really about crime. You can’t stop crime - you can only fight it. And to fight it effectively these days, you need a robust, next-generation weapon. Just continuing to do what you did over the last 10 years is not likely to be effective. The bad guys have become too smart and too well-organized. You have to come up with something new.
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