Technical Business Analyst at a financial services firm with 10,001+ employees
Real User
2020-12-02T11:13:33Z
Dec 2, 2020
The solution is AWS-based and the installations are managed by BioCatch themselves. The solution supplies what is called an SDK for integration into the mobile journeys on the mobile phone apps, or handheld devices and closer supplies and can be integrated into the web pages of the account opening application forms of the bank. Once the customer starts hitting those points for inputting them, BioCatch can alert you. I would recommend the solution. It's certainly an up-and-coming option that has worked well for us. I would just warn that the implementation is quite complex and something to be aware of. That said, it's very effective in reducing fraud once it's set up. Overall, I'd rate it eight out of ten. I'd rate it higher if it had more integration on the IT, model scaling, and data usage side of things. They do need to practice better transparancy.
What is Fraud Detection and Prevention? It wasn’t that long ago that fraud detection and prevention involved reviewing a fair bit of historical data analysis. Data scientists would be poring over tons of credit card records in order to spot fraudulent (or with luck, potentially fraudulent) activity.
Fast forward to today and we see fraud detection systems depend on catching and stopping fraud the second it’s spotted or even before it actually occurs. Automated solutions for fraud...
The solution is AWS-based and the installations are managed by BioCatch themselves. The solution supplies what is called an SDK for integration into the mobile journeys on the mobile phone apps, or handheld devices and closer supplies and can be integrated into the web pages of the account opening application forms of the bank. Once the customer starts hitting those points for inputting them, BioCatch can alert you. I would recommend the solution. It's certainly an up-and-coming option that has worked well for us. I would just warn that the implementation is quite complex and something to be aware of. That said, it's very effective in reducing fraud once it's set up. Overall, I'd rate it eight out of ten. I'd rate it higher if it had more integration on the IT, model scaling, and data usage side of things. They do need to practice better transparancy.