Case Study: Top 5 Canadian Bank reduces fraud and manual review with BioCatch

Top 5 Canadian Bank Stops Bad Applicants and Realizes Over $8 Million in Fraud and Operational Savings

Top 5 Canadian Bank faced a sharp rise in application fraud during the pandemic, as organized criminals used stolen identities to open accounts and access stimulus-related funds. The surge created major operational strain, with many high-risk applications requiring manual review. BioCatch’s behavioral biometrics and high-risk scoring helped the bank identify fraudulent applications more effectively.

BioCatch implemented high-risk scores to auto-decline applications flagged at the highest risk level, reducing the need for manual review and deterring fraud attempts. As a result, Top 5 Canadian Bank achieved an estimated $7.7 million in fraud loss savings, cut manual review by 67%, and realized more than $663,000 in operational savings. BioCatch also helped reduce false declines by improving approval rates for genuine applicants.