BioCatch Teams Up with Leading Australian Banks to Launch Cutting-Edge Fraud Prevention Network

Australian Banks Collaborate with BioCatch to Combat Fraud and Scams

In a pioneering move to enhance fraud detection and prevention, five major Australian banks have partnered with BioCatch to launch BioCatch Trust™ Australia, the world's first inter-bank, behavior- and device-based fraud and scams intelligence-sharing network. The banks involved in this initiative include Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Suncorp Bank, and Westpac.

This innovative system enables participating banks to assess the risks associated with domestic online payments in real-time. By sharing intelligence across institutions, the network helps identify potential fraud or scams before the funds are transferred, particularly targeting transactions that involve money mule accounts. The goal is to prevent the illegal movement of money by cybercriminals, reducing the number of scam victims.

Key Features of BioCatch Trust™ Australia:

• Real-time analysis of account risks linked to domestic payments.
• Collaboration between sending and receiving banks to prevent fraudulent transfers.
• Behavioral intelligence combined with digital session, payment, and device data to identify scam patterns.
• Use of pseudonymisation technology to protect customer identities while sharing intelligence.

As more financial institutions join, the effectiveness of the BioCatch Trust network improves, enhancing fraud detection and enabling broader coverage across the Australian banking ecosystem.

Comments from Participating Banks:

• ANZ's Head of Customer Protection, Shaq Johnson, emphasized the importance of continued investment in fraud detection tools like BioCatch Trust™ to safeguard customers from cybercriminals.
• CBA’s Head of Group Fraud, James Roberts, highlighted that this collaboration marks the first time Australian banks can share anti-scam information in real-time, offering a groundbreaking solution to prevent scams before they occur.
• NAB’s General Manager of Group Investigations, Chris Sheehan, called BioCatch Trust™ a global first, showcasing Australia's innovative approach to combating scams.
• Suncorp Bank's Executive Manager of Financial Crime Operations, Paul Gardner, underscored the critical role financial institutions play in the fight against scams.
• Westpac's Head of Fraud Prevention, Ben Young, stressed that working with other banks and ecosystem partners is key to creating a safer environment for Australians.

This partnership represents a significant step forward in the ongoing battle against scams, which have caused billions in losses to Australian consumers in recent years. By integrating real-time intelligence sharing, BioCatch Trust™ provides an innovative solution to prevent financial crime before it happens.

For more information about BioCatch and its initiatives, visit www.biocatch.com.