Five Australian banks have partnered with BioCatch to pilot BioCatch Trust Australia, an inter-bank fraud and scams intelligence-sharing network based on behaviour and device data.
Claimed to a world-first, this network has Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Suncorp Bank (Norfina Limited), and Westpac as founding partners.
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This initiative provides protection for customers against fraud and scams by assessing potential risks in real-time.
BioCatch Trust Australia enables participating banks to assess the risk of accounts receiving domestic online payments.
If risks are identified, the network provides real-time intelligence to the sending bank, allowing for transaction review before funds are transferred.
This system combines behavioural intelligence with various data points to evaluate potential risks, aiding in the prevention of scams initiated outside of digital banking sessions.
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By GlobalDataThe network’s efficacy increases with each new member, enhancing fraud detection across the Australian banking sector. The collective intelligence provided by the network helps protect against both known and emerging threats.
BioCatch Trust also complements existing networks by facilitating real-time risk assessments, a step ahead of traditional post-scam information sharing.
ANZ customer protection head Shaq Johnson said: “At ANZ, and across the banking sector, we must continue to invest in prevention and detection measures to help keep our customers safe from cybercriminals.
“BioCatch Trust is another capability we can adopt to help us in the continued fight against scams and fraud. We’re pleased to be part of the pilot and look forward to seeing how we can leverage the risk indicators and insights this tool offers to complement our existing anti-scam capabilities.”
Currently, BioCatch serves 34 of the world’s largest banks and a total of 237 financial institutions through its BioCatch Connect platform.
The BioCatch Client Innovation Board, which includes industry leaders such as American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank, works collaboratively to develop fraud prevention strategies.
