Nasdaq (NDAQ) Verafin and BioCatch announced the formation of a strategic partnership to leverage their complementary technology solutions in the fight against payments fraud. The partnership aligns Nasdaq Verafin’s fraud detection platform and consortium data network with BioCatch’s behavioral and device intelligence to more effectively address the rapid growth in payments fraud around the world, one of the financial services industry’s biggest challenges. The initial phase of the partnership will include the integration of BioCatch alerts and insights into the Nasdaq Verafin platform. This integration will transform fraud prevention efforts, empowering financial institutions to take pre-emptive action against payments fraud, using both behavioral and transactional intelligence to halt fraudulent transactions before the funds leave a customer’s account. By bringing together these two powerful solutions, the partnership equips financial institutions with more holistic risk insights across the lifecycle of a transaction, eliminating signal-delivery silos and enabling teams to both evaluate risk and stop fraudulent transactions in real-time. The partnership will also include additional product integrations and co-developed fraud solutions, as well as joint research and thought leadership.
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