(27 November 2024 – Australia) ANZ, CBA, NAB, Westpac and Suncorp announced they have joined BioCatch’s pilot of the world’s first inter-bank, behaviour and device-based, fraud and scams intelligence-sharing network.
BioCatch Trust adds an additional layer of behavioural and device-based protection for customers against fraud and scams, by assessing in real time the potential risks associated with the accounts to which customers direct their domestic online payments within BioCatch Trust Australia.
BioCatch Trust combines behavioural intelligence with digital session, payment, account, device, and non-monetary event intelligence to assess the potential risks of receiving accounts on the network before an eligible payment is processed.
“BioCatch Trust is the first time banks have been able to share information in real time before a payment is made. In a world-first, this will help protect Australians from losing money to scammers” stated CBA Head of Group Fraud, James Roberts.
“Fraud and scam payments are nearly always transferred to mule accounts through which the criminal funnels their profits before withdrawing them,” BioCatch CEO Gadi Mazor said.
“When the sending and receiving banks involved in these transactions share intelligence to identify potential money mules, it should reduce the number of customers who fall victim to scams and make a substantial dent in the ability of criminals to move their illegally attained money. We know the criminals behind these attacks swap tactics, strategies, intelligence, and technology with other rival cybercriminals. We’re proud to now offer Australian banks an opportunity to join their own intelligence-sharing network to fight back.”