MoData, a digital and financial solutions company, has partnered with BioCatch, a behavioural biometrics firm, to deliver solutions to MoData’s clients in Africa. This is aimed at effectively fighting fraud through digital behaviour tracking, and provide a secure and frictionless customer journey.
Through this partnership, MoData clients will have access to BioCatch’s AI-driven platform which transforms digital behaviour into powerful insights. It does this by collecting thousands of interactions per session and analyzing them against global historical profiles. These insights will enable MoData clients to act in real time to mitigate risk, improve their customer experience and accelerate business growth.
Commenting on the partnership, MoData CEO Darren Turnbull said, “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 organizations in the ever-changing digital landscape. 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.”
MoData protects financial institutions and their customers from automated account takeover attacks such as Remote Access Attacks (RATs), BOT attacks, Device Emulators and Malware. Additionally, 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. 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 and enhance digital user experiences,” said BioCatch CRO Mike Keating.