BioCatch unveils world's first behavior-based financial crime intelligence-sharing network [Globe and Mail, The (Toronto, Canada)]
HSBC Holdings, plc. (HSBC)
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Source: Globe and Mail, The
NEW YORK Nov. 20, 2024 /CNW/ -- BioCatch today announced the launch of the BioCatch Trust™ Network, the world's first inter-bank, behavior-based, financial crime intelligence-sharing network. The BioCatch Trust™ Network initiative protects member bank customers against financial crime, scams, and fraud by assessing in real time the trustworthiness of the accounts to which they direct their transfers and payments. If the network deems a receiving account untrustworthy, it shares this intelligence with the sending bank in real time, allowing the sending institution to suspend and investigate the transaction before any money leaves the sender's account. "Scam payments are nearly always transferred to mule accounts through which scammers launder their profits before withdrawing them," BioCatch CEO Gadi Mazor said. "To combat this rampant criminal activity, it's crucial for sending and receiving banks to collaborate and share intelligence in real time to proactively identify these money
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