Digital and financial solutions specialists, MoData, has partnered with BioCatch, the leader in behavioural biometrics, to deliver cutting-edge solutions to MoData’s clients in Africa to effectively fight fraud through digital behaviour tracking, and provide a secure and frictionless customer journey.
The rapid growth in digitisation spurred on by the COVID-19 pandemic has left many banks, financial institutions and their customers at risk from cybercriminals. Through this partnership, MoData clients will have access to BioCatch’s AI-driven platform which transforms digital behaviour into powerful insights to deliver advanced fraud protection without compromising the user experience. It does this by collecting thousands of interactions per session and analysing them against global historical profiles. These actionable insights will enable MoData clients to act in real time to mitigate risk, improve their customer experience and ultimately accelerate business growth.
“This partnership underscores MoData’s commitment to delivering innovative solutions to its clients, by continually adapting and growing its product and service offerings to meet the needs of organisations in the ever-changing digital landscape,” says MoData CEO Darren Turnbull. “This leading-edge solution, combined with MoData’s expertise, will enhance digital transformation and enable our clients to build trust and safety into their digital banking platforms.”
As well protecting financial institutions and their customers from automated account takeover attacks such as Remote Access Attacks (RATs), BOT attacks, Device Emulators and Malware, BioCatch protects vulnerable customers by detecting social engineering scams such as One Time Pin (OTP) vishing and Authorised Push Payment (APP) scams that have become increasingly prevalent in the region. The risk of fraud during digital customer onboarding through the use of stolen credentials and synthetic identities to open up mule accounts is also significantly reduced thus protecting the bank and its customers throughout the online customer journey.
“BioCatch is pleased to partner with MoData and provide best-in-class behavioural biometric technology to MoData customers allowing financial institutions to protect their most vulnerable clients and enhance digital user experiences,” says BioCatch CRO Mike Keating. “Strong fraud protection and seamless customer experiences are equally critical in today’s digital age. We see great opportunity for innovating alongside MoData’s customers in Africa.”
For the past three decades, MoData has been offering innovative, intuitive, and intelligent digital business solutions for leading banks, financial services, and investment companies across Africa to assist them in addressing enterprise-wide fraud, cybercrime, and compliance requirements, including implementation, professional advisory services and support. The MoData team of specialists prides itself on its agility and entrepreneurial approach to finding smart solutions to clients’ needs, with an emphasis on cost optimisation, back-office transformation and customer satisfaction. Their diverse range of product offerings means they are able to provide businesses with everything they need to transform into an effective, digital organisation. For more information, please visit www.modata.com
BioCatch is the leader in Behavioral Biometrics which analyzes an online user’s physical and cognitive digital behavior to protect individuals and their assets. Our 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. Leading financial institutions around the globe use BioCatch to more effectively fight fraud, drive digital transformation and accelerate business growth. With over a decade of analyzing data, over 60 patents and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems. For more information, please visit www.biocatch.com