Galicia, Naranja X, and Santander form the inaugural nucleus of BioCatch Trust Argentina.
Galicia, Naranja X, and Santander have joined BioCatch Trust Argentina, the Western Hemisphere’s first intelligent interbank network for the exchange of real-time information on fraud and scams, based on behaviour and devices.
BioCatch Trust is the first and only network of its kind that works thanks to more than 3,000 user behavior indicators (keyboard and mouse activity, touchscreen behavior, swipe pressure, among others). It protects member banks’ customers against financial crime, scams and fraud, using this data to assess in real-time the trustworthiness of the accounts to which they direct their transfers and payments.
If the network detects suspicious behavior on a receiving account, it shares this information in real-time with the bank issuing the transfer, allowing the institution to suspend and investigate the transaction before the withdrawal of funds is made.
“Mule accounts act as a link between scams, fraudulent payments, and proceeds from financial crimes, making it easier for cybercriminals to obtain and mobilize their illicit proceeds,” said Gadi Mazor, CEO, BioCatch.
“Criminals use extensive inter-institutional networks of these accounts to launder their money. To dismantle these underlying networks of malicious accounts, we must provide financial institutions with the ability to combine signals from the sending account, receiving account and network, before a transfer of funds takes place. This is a systemic problem that requires a systemic solution. It takes one network to fight another network and we are proud to now offer Argentine banks the possibility of joining their own information exchange network to fight back.”
This network combines behavioral intelligence with digital session data, payments, accounts, devices and non-cash events to assess the potential risks of a receiving account before a payment is processed. This allows financial institutions to prevent fraud (investments, business email account compromise, romance scams for investment purposes, etc.) in which the fraudster manipulates the victim outside of the digital banking environment, often through emails, text messages, or social media posts. BioCatch Trust accomplishes this by using proven anonymized technology to protect the identity of customers within the BioCatch Trust network.
The strength of the BioCatch Trust network improves with each new financial institution that joins. As more banks become part of this network, the system becomes smarter and more efficient, offering deeper insights and broader coverage. This collective intelligence helps protect against existing, unknown, and emerging threats, significantly improving fraud detection across the Argentine banking ecosystem.
BioCatch Trust Argentina is the second intelligent information exchange network of its kind. BioCatch launched BioCatch Trust Australia in 2024.
BioCatch Trust complements existing networks that share information and is now the first and only network to identify risk in real time, before money leaves a potential victim’s account.
