San Ramon, Calif. — October 24, 2022 — Lumin Digital (Lumin) has announced a partnership with BioCatch, the pioneer behavioral biometric technology enabling advanced fraud prevention. This partnership provides Lumin’s rapidly growing network of financial institutions access to BioCatch’s cutting-edge solutions and innovation labs that continuously monitor emerging fraud trends to help protect against current and new threats.
BioCatch analyzes a user’s physical and cognitive digital behavior to distinguish between genuine users and cybercriminals to detect fraud and identity theft. Many of the world’s largest financial institutions leverage this technology to help protect their customers from digital banking fraud and other types of criminal activity, including sophisticated social engineering voice scams.
BioCatch technology allows Lumin clients to monitor for risk continuously throughout every online session, analyzing actions like mouse movements, typing cadence, or interaction with the screen. Leveraging machine learning to deliver a risk score, BioCatch identifies and alerts the financial institution about genuine or fraudulent behavior and ensures customers are provided with a secure and seamless digital experience.
“According to The True Cost of Fraud study, online banking accounted for 33% of U.S. banks’ fraud costs in 2021, up from 26% in 2020, while mobile transactions accounted for 29% of costs, up from 20% the year prior,” said Sean Weadock, chief product officer of Lumin Digital. “Every $1 of fraud loss costs U.S. financial services firms an average of $4.00. BioCatch’s technology will reduce the amount of fraudulent activity that occurs, saving the institution money and freeing up employee resources from fraud and cyberattack investigations.”
“Today, smaller financial institutions can promise the same consumer fraud protections as the large global banks,” says Jay Whoriskey, Sr Director Global Partners and Alliances. “BioCatch is committed to supporting Lumin’s banking customers and expanding the standard in digital banking by providing best-in-class fraud protection and seamless user experiences. The explosion of new consumers of digital banking services over the last year has accelerated the need for technologies that can offer strong fraud protection with minimal disruption to users.”
About Lumin Digital
Lumin Digital is a PSCU-majority-owned fintech company specializing in digital banking solutions. Through a fundamentally different approach to technology, service, and people, we’re creating the next generation of financial solutions each and every day. Lumin helps credit unions and financial institutions build and deploy next-gen digital experiences that help to continually serve, engage, and grow their membership base. While other platforms are partially adapted or retrofitted for the cloud, Lumin is 100% cloud-native. It was built specifically for the cloud environment, allowing us to more fully realize the advantages it offers. It’s a difference that financial institutions and their users will see and feel almost immediately. For more information, visit lumindigital.com.
About BioCatch
BioCatch is the leader in Behavioral Biometrics, a technology that leverages machine learning to analyze an online user’s physical and cognitive digital behavior to protect individuals online. BioCatch’s mission is to unlock the power of behavior and deliver actionable insights to create a digital world where identity, trust and ease seamlessly co-exist. Today, BioCatch counts over 25 of the top 100 global banks as customers who use BioCatch solutions to fight fraud, drive digital transformation and accelerate business growth. BioCatch’s Client Innovation Board, an industry-led initiative including American Express, Barclays, Citi Ventures, and National Australia Bank, helps enable BioCatch to identify creative and cutting-edge ways to leverage the unique attributes of behavior for fraud prevention. With over a decade of analyzing data, more than 80 registered patents, and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems. For more information, please visit www.biocatch.com.
