NEW YORK, July 30, 2018 /PRNewswire/ -- BioCatch, the leader in behavioral biometrics, announced today the appointment of banking industry veteran and early stage and growth investor Jay Mandelbaum to its Board of Directors. Mr. Mandelbaum adds depth and experience to the Company's leadership as it pursues its growth plan, in line with a recent capital raise that was aimed at scaling the business to meet the rapidly escalating market demand for digital identity solutions.
With over 20 years of experience as a senior executive in the financial services industry as a backdrop, Mandelbaum currently serves as a senior advisor, investor and board member to a number of private growth companies focusing on payments, mobile commerce, digital marketing and financial services. These include Fundbox, PolicyGenius, and Street Contxt. Among his prior industry roles were Executive Vice President and Head of Strategy, Marketing and e-Commerce at JPMorgan Chase & Co. and Chief Executive Officer of Smith Barney Private Client Group and member of Citigroup's Management Committee.
"Jay Mandelbaum brings BioCatch extensive executive experience in its key market — financial services — along with a demonstrated ability to identify promising private growth companies and help them achieve their full potential," said Howard Edelstein, BioCatch Chairman and CEO. "Jay's interest in joining BioCatch is a validation of the significant market potential for digital identity solutions like ours that enhance online security without disrupting the user experience."
Founded by experts in big data, machine learning and artificial intelligence, BioCatch is redefining digital identity by focusing on user behavior as opposed to static means of authentication such as passwords that are easily circumvented or spoofed by today's sophisticated fraudsters. The BioCatch system proactively collects and analyzes online behavior across more than 2,000 parameters to generate user profiles and model different types of genuine and malicious behavior. The company monitors more than 5 billion transactions per month and generates real-time alerts whenever behavioral anomalies are detected, identifying fraud in real-time and generating significant ROI.
"Given the frequency and nature of data breaches and sophisticated hacks we've seen of late – with no sign of them letting up – many of the processes that were developed for authenticating and validating customers, prospects and employees need to be reconsidered," said Jay Mandelbaum. "With its patented technological processes and marquee customer base, BioCatch combines its innovative and cutting-edge solution with its unique market position to help enterprises protect their business, data and customers. I am excited to join the Board of this company and to put my experience to work in helping them solve the digital identity conundrum we are facing today."
About BioCatch BioCatch is a digital identity company that leverages behavioral biometrics, analyzing human-device interactions to protect users and data. Banks and other enterprises use BioCatch to significantly reduce online fraud and protect against a variety of cyber threats, without compromising the user experience. With an unparalleled patent portfolio and deployments at major financial institutions around the world that cover tens of millions of users to date, BioCatch has established itself as the industry leader. For more information, please visit www.biocatch.com.