📋 Tender Overview
BioCatch the global leader in behavioural biometrics announced it has entered the implementation stage of its offering that will enable financial institutions to leverage BioCatchs behavioural biometric-based solution to support their journey to compliance with PSD2s implementation of Strong Customer Authentication SCA a regulation that requires multi-factor authentication for online transactions. BioCatchs behavioural biometrics industry best-practices solution improves banks and financial institutions customer experience by applying machine learning to provide superior consumer protection while reducing friction in the digital journey.BioCatch will provide behavioural biometric technology through integration partners who offer access control solutions to customers leveraging SCA and online fraud prevention services. This will enable financial institutions to use behaviour as a factor in their SCA compliance to facilitate their ability to meet the new March 2022 U.K. timeline for SCA compliance. BioCatch has begun behavioural biometric-based customer interface implementations for SCA for several customers.Since it operates in the background behavioural biometrics enables a secure customer-centric experience by analyzing a users digital behaviour without increasing friction said Howard Edelstein Chairman CEO of BioCatch.By leveraging behavioural biometrics as a factor for SCA compliance banks can reduce a tremendous amount of friction improving the user experience reducing attrition in the payment process all while reducing authentication costs. BioCatchs category-defining behavioural biometrics technology protects many of the worlds largest financial institutions their clients and their clients assets from fraud and other types of criminal activity.This is very exciting news and excellent timing. said Neira Jones independent advisor and a pioneer in the payments security industry. The ICO clarification around consent for behavioural biometrics to support SCA compliance and its deadline extension to 2022 gives financial institutions an opportunity to not only focus on compliance but also prioritize reducing friction to improve the customer experience as part of a holistic payment fraud management strategy.
