Bank of America Corp (BAC), JPMorgan Chase & Co. (JPM), Wells Fargo & Co (WFC), BB&T Corporation (BBT) and Capital One Financial Corp. (COF) Partner With BioCatch To Curb Frauds
Cyberattacks can be costly in many ways, disrupting operations and requiring a lot of money to restore the breached system, alongside compensations. Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co (NYSE:WFC), BB&T Corporation (NYSE:BBT) and Capital One Financial Corp. (NYSE:COF) want to address the headache of cyber fraud so that they can have a singular focus on their core businesses.
The largest banks in the U.S. are not willing to take chances when it comes to preventing fraud in their systems. In the latest move, Bank of America Corp (NYSE:BAC) and its peers, including JPMorgan Chase, have come together once again to bolster the security of their systems, mostly aiming to prevent a takeover of customer accounts. The group of banks and financial services had previously formed a fraud prevention unit known as Early Warning, which has now inked a deal with BioCatch of Israel to further enhance customer account security.
Proactive security approach
BioCatch boasts a technology that is able to monitor behavioral biometrics and raise red flags in case something appears amiss. The idea of working with BioCatch is that the banks want to be able to prevent breaches before they can cause damage and loss to their systems and customers.
The technology that BioCatch offers is able to analyze systems and track online maneuvers to know when a client’s account is under threat so that banks can take early action to stop any potential damages.
Sharing security details
The partnership between Early Warning and BioCatch means that Bank of America Corp (NYSE:BAC), and all the other banks involved in the joint security effort, will be able to share crucial security details. Sharing of threat information is key to building a strong wall against cyber attacks.
Financial details concealed
Neither the banks nor BioCatch has been willing to disclose the financial terms of the deal.
Commenting on the partnership, BioCatch’s CEO, Ron Mortiz, stated that they will be able to help the banks deal with some of the major challenges facing the financial industry currently. The issue on focus on the security pact are account takeover prevention, malware attack prevention and addressing new account frauds as they emerge.
With the increase in sophisticated cyberattacks, Bank of America Corp (NYSE:BAC) and its peers are looking for ways to keep their systems and customers secure at all times.
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