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The firm analyzes how consumers use computers and mobile devices to help detect online fraud.
BioCatch Ltd., a company based in Israel that sells payment security services to e-retailers, banks and other organizations, has raised $10 million in a Series A funding round that includes Blumberg Capital.
BioCatch says its software helps clients detect threats by analyzing consumers’ behavior on PCs or mobile devices.
For instance, BioCatch says that a consumer tends to use a computer mouse in a similar pattern over time; the same holds true for how that consumer types across a keyboard or even holds a mobile phone (known, for instance, through its gyroscope). A consumer also tends to take a specific amount of time responding to web site prompts, another example of such a pattern.
Detecting such patterns enables BioCatch to build a profile for that user that can then be used to protect against fraud, on the theory that a criminal would type differently or hold the phone at a different angle when trying to access another person’s account or hijacking another person’s online identity. Additionally, such a profile could be used by a retailer client to help detect when a legitimate consumer is accessing an account from a different or new computing device. “BioCatch creates a behavioral biometric signature that it associates with the user profile,” the company says. “If deviations are detected, then a real-time alert can be sent to the bank or e-commerce site.”
The company says it intends to use the new capital for research and development and global expansion.
Earlier this year, eBay Inc.’s PayPal payment service said some of its users would be able to pay for online purchases made from their smartphones with a swipe of their finger—that is, fingerprint scans. PayPal users will have to be using Samsung Electronics’ newest Galaxy phone, the S5, to access the service.