Digital fraud and money laundering detection provider BioCatch has partnered with Google Cloud to extend fraud-prevention solutions to new markets. The partnership represents an effort to expand fraud-prevention capabilities into emerging markets, initially focusing on Southeast Asia.

The partnership aims to address the escalating threat of financial cybercrime in the region by leveraging BioCatch's advanced fraud-detection, scam-prevention, and anti-money laundering solutions. According to BioCatch’s 2023 APAC Digital Banking Fraud Trends Report, the Asia-Pacific (APAC) region has witnessed a significant surge in financial cybercrime, with authorised push payment (APP) attacks representing 54% of all confirmed fraud cases. Through integration with Google Cloud, BioCatch aims to equip financial institutions in the region with real-time fraud detection capabilities to safeguard customers against fraudulent activities.

A report published by Singapore’s Cyber Security Agency (CSA) in 2023 highlighted banking and financial services as the most targeted vertical for spoofing attacks in 2022. BioCatch's technology analyses over 3,000 distinct behavioural patterns, including mouse movements and typing speed, as well as cognitive signals such as hesitation and disjointed typing, to identify anomalies indicative of fraudulent behaviour. By combining BioCatch’s solutions with Google Cloud’s secure and flexible cloud-computing platform, the collaboration seeks to enhance the accuracy and speed of fraud detection while ensuring real-time protection against evolving threats.

In the company press release, officials from BioCatch emphasised the importance of speed and accuracy in fraud prevention, particularly in the face of increasingly sophisticated cybercriminal tactics. They highlighted the necessity of pre-crime logistics visibility and criminal network intelligence to effectively combat these threats. The partnership with Google Cloud enables BioCatch to leverage a robust global infrastructure to scale its solutions and address fraud in real-time, with particular attention to compliance with local data sovereignty laws, as observed in markets such as Indonesia.

Other noteworthy developments from BioCatch In December 2023, BioCatch released its 2023 Digital Banking Trends in North America report, which offers a comprehensive perspective of the prevailing fraud landscape and trends in North America leading into Q1 2024, including how the rise of mobile banking has led to corresponding technical and human vulnerabilities for fraudsters to exploit. For its final report of the year, BioCatch uncovered that North American fraud trends are rising for both old and new attack vectors. Mobile banking rates increased to 73% in 2023, which in turn has led to an increase in fraud executed from mobile devices, rising from 47% in 2022 to 61% in 2023, partly due to fraudsters shifting from bots (on web devices) to mobile emulators to avoid traditional banking controls.

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