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MoData collaborates with BioCatch to combat digital fraud in banking.

MoData, a provider of digital and financial solutions, has partnered with BioCatch, a behavioral biometrics firm, to provide solutions to MoData’s African clients. This is intended to effectively combat fraud through digital behavior tracking while also providing a secure and frictionless customer journey.

MoData clients will gain access to BioCatch’s AI-driven platform, which transforms digital behavior into powerful insights, as a result of this collaboration. It accomplishes this by gathering thousands of interactions per session and comparing them to global historical profiles. These insights will enable MoData clients to take real-time action to reduce risk, improve customer experience, and accelerate business growth.

MoData CEO Darren Turnbull commented on the partnership, saying, “This partnership underscores MoData’s commitment to delivering innovative solutions to its clients by constantly adapting and growing its product and service offerings to meet the needs of organizations in the ever-changing digital landscape. This cutting-edge solution, combined with MoData’s expertise, will accelerate digital transformation and enable our clients to incorporate trust and security into their digital banking platforms.”

MoData safeguards financial institutions and their customers against automated account takeover attacks such as Remote Access Attacks (RATs), BOT attacks, Device Emulators, and Malware. Furthermore, BioCatch protects vulnerable customers by detecting social engineering scams such as One Time Pin (OTP) vishing and Authorised Push Payment (APP) scams, which are becoming more common 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. This protects 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 while also improving digital user experiences,” said BioCatch CRO Mike Keating.

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Yvone Kendi

Yvone Kendi

Writer by heart. Lover of life and technology. Helping you with simple life hacks using technology. Contact me at info@techmoran.com

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