Fintech specialist MoData has partnered with BioCatch, a leader in behavioural biometrics, to roll out solutions to MoData clients across Africa.

The companies are targeting the technology to help combat fraud through digital behaviour tracking.

They claim the rapid growth in digitisation - spurred on by the COVID-19 pandemic - has left many banks, financial institutions and their customers at risk from cybercriminals.

Through this partnership, MoData clients will have access to BioCatch’s AI-driven platform which transforms digital behaviour into powerful insights to deliver advanced fraud protection without compromising the user experience. It does this by collecting thousands of interactions per session and analysing them against global historical profiles. These actionable insights will enable MoData clients to act in real time to mitigate risk, improve their customer experience and ultimately accelerate business growth.

“This partnership underscores MoData’s commitment to delivering innovative solutions to its clients, by continually adapting and growing its product and service offerings to meet the needs of organisations in the ever-changing digital landscape,” says MoData CEO Darren Turnbull. “This leading-edge solution, combined with MoData’s expertise, will enhance digital transformation and enable our clients to build trust and safety into their digital banking platforms.”

As well protecting financial institutions and their customers from automated account takeover attacks such as Remote Access Attacks (RATs), BOT attacks, Device Emulators and Malware, BioCatch protects vulnerable customers by detecting social engineering scams such as One Time Pin (OTP) vishing and Authorised Push Payment (APP) scams that have become increasingly prevalent in the region.

The risk of fraud during digital customer on-boarding through the use of stolen credentials and synthetic identities to open up mule accounts is also significantly reduced thus protecting the bank and its customers throughout the online customer journey.

BioCatch CRO Mike Keating adds: “BioCatch is pleased to partner with MoData and provide best-in-class behavioural biometric technology to MoData customers allowing financial institutions to protect their most vulnerable clients and enhance digital user experiences. Strong fraud protection and seamless customer experiences are equally critical in today’s digital age. We see great opportunity for innovating alongside MoData’s customers in Africa.”