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Banco Galicia, Naranja X, and Santander today announced they’d joined BioCatch Trust™ Argentina, the western hemisphere’s first inter-bank, behavior- and device-based, real-time fraud and scams intelligence-sharing network. BioCatch Trust™ is the first and only network of its kind powered by BioCatch’s market-leading more than 3,000 behavioral data points (keystroke and mouse activity, touch screen behavior, swiping pressure, etc.). It protects 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. If the network flags the behavior of a receiving account as suspicious, it shares this intelligence with the sending bank in real time, allowing 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 realizing their illegal profits,” BioCatch CEO Gadi Mazor said. “Criminals utilize sprawling, inter-institution 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 behavioral 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 those types of scams (investment, business email account compromise, investment romance, etc.) where the fraudster manipulates the victim outside of a digital banking session (many scams originate via an email, text message, or social media post). BioCatch Trust™ accomplishes this while utilizing proven pseudonymization technology to help protect the identities of those customers within the BioCatch Trust™ network.
The strength of the BioCatch Trust™ network improves with each new financial institution that joins. As more banks contribute account intelligence, the system grows smarter and more effective, offering deeper insights and broader coverage. This collective intelligence helps to protect against existing, unknown, and emerging threats, significantly enhancing fraud detection across the Argentinian banking ecosystem.
BioCatch Trust™ Argentina is just the second-ever intelligence-sharing network of its kind. BioCatch launched BioCatch Trust™ Australia in November of 2024.
While BioCatch Trust™ complements existing networks that share information after a scam has taken place, it is right now the first and only network to identify risk in real time before any money leaves a would-be victim’s account.
