Argentinian banks Banco Galicia and Santander, as well as Argentina-based fintech Naranja X, have joined BioCatch Trust Argentina, the western hemisphere’s first inter-bank, real-time fraud and scams intelligence-sharing network.
BioCatch Trust is a network powered by over 3,000 behavioural data points, including keystroke and mouse activity, touchscreen behaviour, and swiping pressure. This network aims to protect member bank customers against financial crime, scams, and fraud by using this data to assess in real time the trustworthiness of the accounts to which they direct their transfers and payments.
When the network flags the behaviour of a receiving account as suspicious, it shares this intelligence with the sending bank in real time, enabling the sending institution to suspend and investigate the transaction before any money leaves the sender’s account.
“Mule accounts serve as the link between fraud and scam payments, the proceeds of financial crime, and the perpetrators of these crimes, realising their illegal profits,” explained BioCatch CEO Gadi Mazor. “Criminals utilise sprawling, inter-institutional networks of these accounts to launder their riches.
“To root out these underlying networks of bad accounts, we must equip our financial institutions with the ability to combine sending account, receiving account, and network signals before a transfer of funds takes place. This is a systemic problem that requires a systemic solution. It takes a network to fight a network, and we’re proud to now offer Argentinian banks an opportunity to join their own intelligence-sharing network to fight back.”
The network combines behavioural intelligence with data from digital sessions, payments, accounts, devices, and non-monetary events to assess a receiving account’s potential risks before an eligible payment is processed. This helps financial institutions prevent types of scams where the fraudster manipulates the victim outside of a digital banking session (via an email, text message, social media post, etc.).
Bolstering security
“Our customers’ security is our top priority, and collaboration is key to addressing the challenge of financial fraud,” said Fernando Turri, head of technology at Santander Argentina. “BioCatch Trust Argentina allows us to anticipate threats in real time, preventing funds from reaching fraudulent accounts. With this innovative approach, we can better protect the financial system and strengthen the trust of those who do business with us. We’re not only providing greater security but also a better experience, with less friction for genuine transactions.”
BioCatch says that the strength of the Trust network improves when each new financial institution joins. As more banks contribute account intelligence, the system grows smarter and more effective, offering deeper insights and broader coverage.
“In the fight against fraud, collaboration is essential, and BioCatch Trust enables us to apply this principle intelligently,” added Pedro Adamovic, chief information security officer at Banco Galicia. “Complementing our transactional behaviour and biometric intelligence technologies with this network, where we can access information about recipient accounts before a transfer is made, gives us an advantage in strengthening our strategy. Reducing the number of customers who fall victim to scams is our priority.”
Manuel Barud, head of fraud prevention at Naranja X, commented: “We are keen to see the potential of this collaboration through BioCatch Trust Argentina as an add-on to our existing security strategies. The real-time exchange of information could offer an additional perspective in our fraud-prevention efforts. We believe the entire market will eventually participate in this initiative so that it can be strengthened and help us achieve a safer ecosystem for everyone.”
Source: https://thefintechtimes.com/
