By AML Intelligence Correspondents
NASDAQ Verafin and fraud detection firm BioCatch have formed a strategic partnership to combine their technologies to combat rising payments fraud.
Banks and payment firms are facing mounting pressure to protect customers from scams and social engineering schemes that prey on vulnerabilities in faster payment systems and drain accounts in real time.
“As criminal threats grow in scale and sophistication, the need for greater industry collaboration has never been more urgent,” said Stephanie Champion, Head of Nasdaq Verafin.
“We are thrilled to partner with BioCatch to further enrich our existing solutions. And improve our clients’ ability to fight scams and payments fraud.”
Nasdaq Verafin and BioCatch anti-fincrime measures
Under CEO Adena Friedman, Nasdaq has expanded beyond being a stock exchange operator and made acquisitions to build a broader suite of financial technology tools. It struck a $2.75 billion deal in 2020 to buy anti-financial crime software maker Verafin.
BioCatch’s financial crime prevention platform delivers real-time analysis of up to 3,000 unique behavioral and device-related datapoints.
In the first phase of the partnership, BioCatch’s alerts and insights will be integrated into the Nasdaq Verafin platform.
The companies said the integration aims to strengthen fraud prevention by combining behavioral and transactional data, allowing financial firms to stop suspicious payments before money leaves a customer’s account.
Nasdaq Verafin’s financial crime management technology is used by over 2,600 financial institutions, representing over $10 trillion in collective assets
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
