Case Study: Top 5 UK Bank Prevents Account Opening Fraud with BioCatch

A Top 5 UK Bank Prevents Account Opening Fraud and Saves £800,000 in First Three Months

Top 5 UK Bank partnered with BioCatch to tackle account opening fraud after launching a new digital checking account promotion that attracted cybercriminals. The bank needed to quickly approve genuine customers for additional products while preventing fraudulent applicants from abusing the onboarding journey for money laundering and other follow-on crimes, using BioCatch Account Opening Protection.

BioCatch implemented behavioral biometrics and fraud-risk scoring to assess applicants in real time, auto-declining high-risk cases and redirecting them to in-branch identity verification while allowing low- and medium-risk customers to proceed. In just three months, BioCatch helped the bank flag thousands of high-risk applications, notify hundreds of customers of possible identity compromise, and save an estimated £800,000.