Australian Banks and BioCatch Pilot Anti-Fraud Intelligence Sharing Network

In an effort to reduce fraudulent activity in bank payments, several Australian banks have partnered with Israeli biometrics company BioCatch.

BioCatch is a digital technology company founded in 2011 that provides fraud detection and cybersecurity solutions to global financial institutions.

The Commonwealth Bank of Australia, National Australia Bank, ANZ Group Holdings, Westpac, and Suncorp Bank have joined forces with the digital technology company to launch a pilot of an anti-scam project, BioCatch Trust Australia.

This is reportedly the world's first inter-bank behavioral and device-based fraud intelligence-sharing network that can help banks indentify between real customer transactions and fraud.

In this network, bank accounts that make domestic online transfers are subject to the BioCatch Trust's detection of potential risks, and when anomalies are detected, BioCatch sends real-time intelligence to the relevant bank to prevent funds from being transferred out of the account due to fraud.