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The integration is designed to help banks and payment firms identify and stop fraudulent transactions before money leaves a customer’s account.
By Shula Rosen
Nasdaq Verafin has joined forces with Israeli behavioral biometrics company BioCatch to develop advanced tools to prevent payments fraud.
The strategic partnership will merge BioCatch’s behavioral intelligence technology with Nasdaq Verafin’s financial crime management platform, used by more than 2,600 financial institutions overseeing over $10 trillion in assets.
The integration is designed to help banks and payment firms identify and stop fraudulent transactions before money leaves a customer’s account.
BioCatch, founded by Israeli entrepreneurs Avi Turgeman and Benny Rosenbaum, is a global leader in behavioral biometrics.
Turgeman developed the company’s core concept during his service in Israeli military intelligence, studying how individuals interact with machines in distinct, measurable ways.
Applying this knowledge to the financial sector, he built a system capable of detecting the subtle differences between legitimate users and cybercriminals.
“Fraudsters are increasingly exploiting faster payment systems and social engineering schemes,” the companies said in a joint statement. “Combining behavioral and transactional data will strengthen real-time detection and intervention.”
BioCatch’s platform analyzes more than 3,000 behavioral and device-related data points, allowing financial institutions to detect threats such as account takeovers, new account fraud, and social engineering scams.
Its technology—protected by more than 60 patents—is deployed by leading global banks to improve both security and user experience.
Under CEO Adena Friedman, Nasdaq has diversified into financial technology, surpassing its traditional role as a stock exchange.
The company acquired Canada-based Verafin in 2020 for $2.75 billion as part of its strategy to address financial crime through data-driven tools.
BioCatch has earned recognition in the fintech sector, including listings in CB Insights’ AI 100, Deloitte’s Technology Fast 500, and the Florin Awards for innovation in securing transactions.
The first phase of the collaboration will integrate BioCatch alerts and insights directly into the Nasdaq Verafin platform, a move both companies say will enhance the industry’s ability to curb fraud in real time.
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