Nasdaq Verafin and BioCatch have announced a strategic partnership aimed at combating global payments fraud.
The collaboration brings together Nasdaq Verafin’s consortium data network and fraud detection platform with BioCatch’s behavioural and device intelligence. The goal is to address the surge in scams and payments fraud, which made up the majority of the $486bn in global fraud losses recorded in 2023. Both companies aim to provide financial institutions with more effective tools as the shift toward real-time and faster payments continues to increase the risk of fraud.
Nasdaq Verafin is known for its large-scale consortium data network, which aggregates information from more than 725m counterparties globally and supports financial institutions representing over $10tn in assets. This enables organisations to spot fraud risks beyond their own institution’s view. BioCatch, meanwhile, specialises in behavioural biometrics, analysing up to 3,000 unique data points such as keystrokes, touchscreen interactions, and device attributes. These behavioural patterns allow banks to distinguish between genuine customers and cybercriminals in real time.
As part of the initial phase of the partnership, BioCatch’s alerts and insights will be integrated directly into Nasdaq Verafin’s platform. This move is expected to transform fraud prevention by giving banks single-screen access to both behavioural and transactional intelligence. The integration empowers financial institutions to take preventative measures before fraudulent transactions are completed, breaking down silos in fraud signal delivery and enhancing decision-making in real time.
Beyond the integration, the companies plan further product collaborations, joint research, and thought leadership initiatives. Together, they hope to provide a more holistic set of fraud-fighting tools while promoting greater industry collaboration.
Nasdaq executive vice president and head of Nasdaq Verafin Stephanie Champion said, “As criminal threats grow in scale and sophistication each day, the need for greater industry collaboration has never been more urgent. We are thrilled to partner with BioCatch to further enrich our existing solutions and improve our clients’ ability to fight scams and payments fraud. This partnership showcases the power of two innovative organizations that have built exceptional, trusted networks. Together, we share a vision to leverage consortium data and behavioral insights as a force multiplier to create a true crime-fighting network that helps financial institutions act faster and better safeguard consumers from harm.”
BioCatch CEO Gadi Mazor said, “The job of a fraud fighter is hard, and it’s getting more difficult each day, as our criminal counterparts find new ways to socially engineer and scam bank customers. Our initial integration with Nasdaq Verafin promises to make the job of the fraud fighter immediately easier, giving them single-screen access to powerful, predictive behavioral and transactional fraud signals that enable real-time decisioning across sessions, users, and networks. This partnership underscores the need for a truly global, collaborative approach to fighting financial crime — one that changes the way financial institutions collaborate, protects account-to-account transfers, stops fraudulent payments, and eliminates the money laundering accounts that power financial crime syndicates.”
Datos Insights chief insights officer Julie Conroy added, “This partnership represents a win-win by combining the scale of consortium analytics with the precision of behavioral and device intelligence, enabling a comprehensive defense against increasingly sophisticated fraud attacks. Fraudsters are actively capitalizing on the immediacy of faster payments to commit faster fraud, and it’s imperative that financial organizations have the tools that enable them to move from reactive mode to proactive prevention to protect both their bottom line and consumer trust.”
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