Credit card provider Visa Inc. has agreed to buy Israeli fraud prevention company BioCatch for $2.4 billion to help clients better protect themselves and their customers from the threat of account takeovers, scams and digital fraud.
BioCatch, an Israeli pioneer in behavioral biometrics, has developed AI- and machine-learning-based software that analyzes thousands of application, device and network signals — such as keystrokes, touch gestures and device handling — to detect fraud and distinguish legitimate users from fraudsters in real time.
“Account takeovers and scams cost the global economy over $1 trillion annually and AI is enabling these attacks at unprecedented scale,” says Andrew Torre, Visa president of value-added services. “BioCatch will help our clients stop fraud before it reaches the point of payment.”
BioCatch says it has 760 million users globally, serving more than 350 banking clients in 21 countries, including more than 100 of the largest banks.
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