BioCatch launches Scams360 to cut £450 million UK scam losses
BioCatch has launched its new Scams360 tool, which aims to help financial institutions detect and prevent social engineering scams targeting their customers.
Authorised push payment (APP) fraud has continued to be a major concern in the UK, with victims losing £450 million in 2024. There has also been a rise in more complex scams such as investment fraud, which saw an increase of 34% in losses this year. Criminals often use deception to convince individuals to transfer money themselves, which enables them to avoid traditional fraud detection methods deployed by banks.
Scams360 uses biometrics and device intelligence to identify behavioural signs that may indicate a scam is taking place. Among the data points analysed are the speed of typing, the nature and timing of mouse movements, hesitation in responding to prompts, irregular patterns of data entry, periods when the user appears inactive, the detection of malicious applications, as well as whether there is an active phone call during an online session.
BioCatch currently works with more than a dozen banks in the UK, collectively serving over 110 million retail customers. The company now analyses over 15 billion online user sessions monthly, reportedly protecting more than 500 million people and 1.5 billion devices from fraud and financial crime, and estimates that it stopped USD $3.7 billion in fraudulent transactions globally in 2024.
Scam trends
Losses from scams have been mounting on a global scale. The Global Anti-Scam Alliance estimates consumer scams cost over USD $1 trillion worldwide annually, with these figures expected to grow.
Developments in technology, particularly in artificial intelligence, have contributed to the sophistication and reach of modern social engineering scams. These types of fraud are challenging for existing systems that focus on transactional or device-level patterns, as victims themselves are tricked into approving the payments.
The newly launched Scams360 service is designed to help address this gap. It leverages more than 3,000 behavioural and device data points to distinguish authentic activity from manipulation, giving financial institutions the capability to recognise when users are being influenced or coerced.
Customer outcomes
"Already, we're seeing a 50% improvement in our ability to detect non-impersonation scams," BioCatch Chief Product Officer Ayelet Eliezer said. "Scams360's current alert rate – the percentage of total transactions requiring banks to intervene – is also best-in-class, helping banks deploying Scams360 to keep their operational costs low while stopping more scams in real time, before any money leaves the would-be victim's account."
Industry analysts have noted the shift in criminal activity alongside new ways for consumers to interact with their finances. Suzanne Sando, Lead Analyst of Fraud Management at Javelin Strategy & Research, said:
"Over the past few years, we've seen innovations in payment channels, financial technology, and eCommerce lead to significant changes in consumer financial behaviors. The rapid evolution of these consumer activities presents criminals with numerous opportunities to identify weaknesses in scam-detection and better target victims. Financial criminals are clearly exploiting the growing attack surface. It's time for the financial services industry to regain control from fraudsters and invest in more modern and advanced methods for scam prevention and detection."
Scams360 builds upon BioCatch's capabilities in identifying impersonation scams, and now offers protection against a broader range of social engineering methods such as romance, investment, business email compromise, and online purchase scams.
Industry response
"We are excited to see more innovation out of BioCatch to combat the global increase in scams," The Knoble Founder and Board Chair Ian Mitchell said. "BioCatch is leading a growing list of solution providers working to protect banking customers and communities from the increased complexity of scams."
BioCatch and The Knoble have also partnered to launch resources including an anti-scam guide and cost calculator, highlighting that the impact of scams goes beyond direct financial losses to include increased operational costs, customer churn, compliance risks, and reputational damage.
With the new tool now analysing more than 15 billion user sessions per month, BioCatch continues to provide services to banks seeking to address the challenge of scam prevention amidst evolving threats worldwide.
