BioCatch Limited, one of the pivotal players of the behavioral biometrics technology sector, has recently closed at USD 30 million in growth funding. Other investment groups such as CreditEase, American Express Ventures, Kreos Capital, Maverick Ventures, and NexStar Partners have also participated in the first round of the funding. Reportedly, the cybersecurity system of the startup firm – its patented “behavioral biometric authentication and threat detection” technology enables banks and high-transaction companies to stop online fraud even before it takes place.
The CEO of BioCatch has stated that the fund raising has come in the wake of increasing awareness of the behavioral biometric system among the financial institutions along with the expanding consumer base of the firm. He further added that the goal of BioCatch is to expand its business across P2P payment, insurance, healthcare, cryptocurrency, and government sectors.
BioCatch has also been positively popularizing its patented IP portfolio, with over fifty-six patents to its name. A key official of the firm, in this regard, has stated that one of the firm’s granted patents, which helps in identification of the mobile user, encompasses the physiological factors such as eye & hand co-ordination, palm size, hand tremor, and size of the hand when pressed. He further declared that the physiological features of the user are integrated with their behaviors such as utility preferences & equipment interacting patterns to identify the authenticity of what the customer proclaims.
For the record, the firm’s technology accumulates and examines over 500 cognitive norms, such as a unique way of an individual wiggling the mouse after the disappearance of the cursor or the way a person holds the smartphone. After analyzing the parameters based on the behavioral traits of the person, BioCatch generates a unique profile of an individual to authenticate the user identity.
Industry experts claim that this new tool will effectively work against phishing or bot attacks, thereby reducing the incidences of fraudulent acts.
Dhananjay develops content for Market Size Forecasters. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted for a career in writing and now pens d...