LONDON, November 16, 2016 /PRNewswire/ --
Continuous Authentication Capability Protects Online and Mobile Banking Customers While Maintaining a Seamless and Frictionless User Experience
BioCatch, the global leader in behavioural biometrics announced today the successful trial of its technology at NatWest. NatWest is one of the largest banks in the UK and serves over 14 million customers. The BioCatch technology has been deployed at the Bank since the start of 2016 within Coutts and with some business customers and continues to successfully prevent online fraud attempts, helping to protect customers. The next step of the plan is to pilot the technology with NatWest personal banking customers later in 2017.
BioCatch's system captures more than 500 points of behaviour such as hand-eye coordination, pressure, hand tremors, navigation, scrolling and other finger movements amongst other things to create a unique user profile. Via continuous authentication, it is also able to recognise anomalies in behaviours from the point of login and throughout the entire session. This allows BioCatch to distinguish the normal human behaviour of an authorised user from that of an unauthorised user, as well as to recognise automated BOTs, RATS, malware and other malicious account takeover attacks, where the victim is typically unaware that their banking session has been hacked.
Simon McNamara, Chief Administrative Officer of NatWest said, "The technology that we've been able to deploy with the help of BioCatch has played a crucial role in strengthening our security systems. The breadth of behavioural biometrics that BioCatch technology can monitor is really impressive and we've already seen many examples of it alerting us to suspicious activity and protecting our customers from fraud."
Saving the bank material losses in the last few months alone, the system was able to:
- Stop fraudulent attempts to transfer funds
- Identify remote access Trojans during an online session
- Identify fraud attempts occurring across multiple channels (i.e online and mobile)
Eyal Goldwerger, BioCatch CEO said, "With 48 percent of data security breaches across the financial services industry involving compromised web applications, the importance of validating a user not only at login but throughout a session as a way to prevent fraud, has taken on increasing urgency. At the same time, today's leading banks, such as NatWest, are also extremely mindful that injecting additional security measures must be balanced with maintaining a seamless customer experience, whether online or mobile."
BioCatch is a cybersecurity company that delivers behavioral biometric solutions, 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 http://www.biocatch.com.
Natwest is part of RBS, which includes Royal Bank of Scotland, Coutts, Ulster Bank, Adam & Company, Drummonds, Isle of Man Bank, Lombard, Child & Company, and Holt Military Banking. Natwest serves customers in England and Wales, supporting them with their personal, private, business banking needs. NatWest helps customers at all stages in their lives, from opening student accounts, to buying their first home, setting up a business, and saving for retirement.
Alongside a wide range of banking services, NatWest offers businesses specialist sector knowledge in areas such as manufacturing and technology, as well as access to specialist entrepreneurial support.
NatWest has been running MoneySense, an impartial financial education programme for 5-18 year-olds, for more than 21 years. By the end of 2018, NatWest will help another 1 million young people to understand and take control of their finances.
GK PR for BioCatch
Vice President of Marketing, BioCatch
Media Relations Manager
+44-207-672-1981 / +44-7833-401417
SOURCE BioCatch and NatWest