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Startup BioCatch raises $145 million as behavioral biometrics boom - Business Insider

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AI startup BioCatch raises $145 million to help banks change how they do fraud detection because the coronavirus crisis means people don't want to use public touchscreens

, a 150-employee startup based in Tel Aviv, is the latest beneficiary of what analysts are saying are several key impacts of the global coronavirus pandemic: No one wants to risk contamination by touching a public keypad. And people are working from home in all kinds of new ways that necessitate additional cybersecurity considerations.

"We concentrate on fintech because the [return on investment] is so bloody compelling," says Howard Edelstein, BioCatch's CEO. He estimates his firm saves big banks 10 to 15 times what they pay in fraud prevention. How you swipe, how you talk, where you surf online are all behavioral traits that behavioral analytics learn over time – and knowing you that well sets off alarms when someone else tries to crash your accounts. The same way your dog goes nuts when it's not you at the doorstep, but that nemesis, the FedEx delivery driver. Those systems will be more in demand because of the virus, says Acuity Market Intelligence analyst Maxine Most.

 

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