In a significant leap forward for financial crime prevention, BioCatch has launched the BioCatch Trust Network, the world’s first inter-bank intelligence-sharing platform powered by behavioural biometrics in Australia.
Australia launch financial crime intelligence-sharing
Designed to combat scams and financial fraud, the network enables banks to collaborate in real time, identifying untrustworthy accounts before payments are processed.
By leveraging cutting-edge behavioural analytics and secure data sharing, the network promises to reshape the landscape of fraud prevention.
Fraud Detection
Fraudsters often funnel funds through mule accounts to launder their illicit gains.
The BioCatch network disrupts this process by providing real-time risk assessments for accounts receiving payments.
When the network identifies a receiving account as potentially untrustworthy, it immediately alerts the sending bank, enabling the transaction to be suspended for further investigation.
This proactive approach dramatically reduces the occurrence of scams and disrupts the operations of money-laundering networks.
“Scammers constantly evolve their tactics, sharing tools and intelligence within their networks,” said Gadi Mazor, CEO of BioCatch.
“Banks need to collaborate just as effectively to combat these criminals. The BioCatch Trust Network offers an unprecedented opportunity for financial institutions to pool their insights and act decisively against fraud.”
Pioneering Collaboration in Australia
The BioCatch network has been launched in Australia with five of the country’s largest banks as founding members.
Using a combination of behavioural biometric intelligence, payment data, device information, and geo-location signals, the network holistically evaluates the trustworthiness of receiving accounts without compromising user privacy.
Its pseudonymisation technology ensures sensitive customer data remains secure while enabling actionable fraud prevention insights.
This initiative marks a shift from reactive fraud solutions to proactive, real-time fraud prevention.
Unlike existing frameworks that only share information after scams occur, the network predicts and prevents fraud before any funds are lost.
“Today’s financial crime is complex and fast-moving,” said Matt O’Neill, Co-Founder of 5OH Consulting and former US Secret Service official.
“Securely sharing actionable intelligence in real time is essential to preventing the exploitation of financial systems.”
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