NEW YORK, May 8, 2017 /PRNewswire/ -- BioCatch, the global leader in behavioral biometrics, announced today that it has been awarded the prestigious 2017 Global Frost & Sullivan Award for New Product Innovation, highlighting the company's position in the emerging behavioral biometrics landscape and its patented Invisible Challenges™ solution that helps identify fraudsters without jeopardizing the user experience.
"The financial technology revolution is reshaping the traditional financial services ecosystem as a whole, and BioCatch has dedicated themselves to offering next-generation security to online users," said Ram Ravi of Frost & Sullivan. "BioCatch provides a robust and holistic approach to cybersecurity through their patents, offering a full range of behavioral biometrics for continuous authentication. BioCatch's continuous authentication technology provides advanced threat detection and fraud prevention, and we believe that The New Product and Innovation Award was well deserved."
Founded in 2011 by experts in neural science research, machine learning and cyber security, BioCatch sets out to address the next generation of cyber threats by focusing on the subtle nuances of human behavior to implement behavioral biometrics technology to combat fraud and protect customers online. To date, BioCatch has secured 20 patents plus an additional 28 filed, and works with a number of major banks for which they monitor 4B+ transactions a month.
"In today's digital world, fraudsters have become increasingly savvy, and are constantly evolving their tactics to compromise our data," said Eyal Goldwerger, CEO of BioCatch. "To help prevent fraud, there needs to be a very sophisticated solution that is able to stay one step ahead of fraudsters by distinguishing between genuine user behavioral and fraudsters. This award from Frost & Sullivan helps to validate BioCatch's approach of leveraging advanced data science and machine learning to solving some of the toughest cybersecurity challenges, and we're honored to receive it."
Each year, Frost & Sullivan presents this award to the company that develops an innovative product to leverage leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased ROI it offers customers. To win Frost & Sullivan's New Product and Innovation Award, a company must be recognized as best in class in three key areas: understanding demand, nurturing the brand, and differentiating from the competition. Details on the award and the justification for the selection of BioCatch are available on the BioCatch website, http://www.biocatch.com/frostsullivanaward17.
BioCatch is a cybersecurity company that delivers 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 banks 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 biocatch.com.