Case Study: Top Asia Pacific Bank reduces lending fraud with BioCatch

Top Asia Pacific Bank Rapidly Deploys BioCatch Account Opening Protection, Preventing Criminals from Opening Accounts and Saving Millions of Dollars Per Year

Top Asia Pacific Bank faced a surge in lending fraud, with more than 70% of credit card lending fraud cases tied to what appeared to be existing “trusted” customers. The bank found that cybercriminals were opening new accounts to build credibility before applying for credit, and it needed a fast, low-friction way to detect fraudulent account openings. To address this, the bank turned to BioCatch and its Account Opening Protection solution.

BioCatch deployed behavioral biometrics and risk scoring to identify suspicious account-opening activity immediately, without adding friction to the customer experience. The bank quickly reached over 90% accuracy on new account fraud alerts, detected hundreds of fraudulent account openings right away, and saved hundreds of thousands of dollars in just under four weeks. BioCatch projected annual savings of more than $7 million, while also helping the bank improve its genuine-to-fraud ratio for credit card applications to better than 1:1.