SecurityBrief New Zealand - Technology news for CISOs & cybersecurity decision-makers
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BioCatch & Google Cloud unite to combat financial cybercrime
Wed, 27th Mar 2024

BioCatch, a global company specialising in digital fraud detection and financial crime prevention through behavioural biometric intelligence, has entered into a new partnered with Google Cloud.

According to both companies, this collaboration aims to provide real-time, rapid, and accurate fraud detection solutions for financial institutions, with an emphasis on Southeast Asia, which has seen a rapid increase in financial cyber crime.

The 2023 Asia Pacific Digital Banking Fraud Trends Report by BioCatch identified significant growth in financial cybercrime in the Asia Pacific region, with 54% of all confirmed fraud cases related to authorised push payment (APP) attacks. Through this collaboration with Google Cloud, BioCatch can provide real-time solutions for financial institutions to recognise and prevent these types of attacks, thereby protecting their customers.

The need for these solutions arises not only from the rise in cyber crime but also due to the sophisticated nature of these attacks, which circumvent legacy security measures. Singapore's Cyber Security Agency's 2022 report identified banking and financial services as the most spoofed vertical. BioCatch utilises more than 3,000 behavioural and cognitive signals, such as mouse movements, typing speed, hesitation, and disjointed typing, to detect anomalies that may indicate fraudulent activity.

Google Cloud, known for its secure and flexible cloud-computing solutions, is an ideal partner for BioCatch to fight increasingly sophisticated digital financial crime. This partnership ensures real-time protection, along with enhanced speed and accuracy of fraud detection.

Richard Booth, BioCatch's head of the APAC market, emphasised the importance of speed and accuracy in combating fraud: "The APAC market has seen a massive rise in advanced financial cybercrime, with criminals adopting sophisticated social engineering tactics that have proved difficult to foil in real-time with legacy security controls. Pre-crime logistics visibility and criminal network intelligence are vital to combatting these threats."

Booth further explained that the partnership with Google Cloud helps BioCatch tackle this problem more effectively. "This exciting partnership with Google Cloud allows us to meet these attackers head-on, leveraging an advanced global infrastructure to scale our solutions and fight fraud as it occurs. This is especially crucial in places like Indonesia, where compliance with local data sovereignty laws is paramount to BioCatch's success."

Clearly, this partnership marks a significant move towards safer digital banking and combating the ever-evolving financial cybercrime ecosystem. As mirrored in BioCatch's endeavours, the race to stop these cybercriminals depends on not just identifying but actively preventing fraud through speed, accuracy, and real-time solutions.