FEATURE: CYBERSECURITY
Galicia, Naranja X and Santander form the inaugural nucleus of
BioCatch Trust Argentina.
Galicia, Naranja X and Santander have joined BioCatch Trust Argentina, the Western Hemisphere’ s first intelligent interbank network for the exchange of real-time information on fraud and scams, based on behavior and devices.
BioCatch Trust is the first and only network of its kind that works thanks to more than 3,000 user behavior indicators( keyboard and mouse activity, touchscreen behavior, swipe pressure, among others). It protects member banks’ customers against financial crime, scams and fraud, using this data to assess in real-time the trustworthiness of the accounts to which they direct their transfers and payments.
If the network detects suspicious behavior on a receiving account, it shares this information in realtime with the bank issuing the transfer, allowing the institution to suspend and investigate the transaction before the withdrawal of funds is made.
“ Mule accounts act as a link between scams, fraudulent payments, and proceeds from financial crimes, making it easier for cybercriminals to obtain and mobilize their illicit proceeds,” said Gadi Mazor, CEO, BioCatch.
“ Criminals use extensive inter-institutional networks of these accounts to launder their money. To dismantle these underlying networks of malicious accounts, we must provide financial institutions with the ability to combine signals from the sending account, receiving
Argentina’ s banks and fintechs launch an intelligence network or realtime information exchange on fraud and scams
36 INTELLIGENTCIO LATAM www. intelligentcio. com