Visa announced Monday that it has agreed to acquire Israeli fraud detection company BioCatch for $2.4 billion in cash, expanding its cybersecurity capabilities as artificial intelligence fuels increasingly sophisticated financial fraud, Anadolu reports.
The payment company will acquire BioCatch from funds advised by London-based private equity firm Permira and other shareholders, according to a joint announcement.
BioCatch uses artificial intelligence and machine learning to analyze more than 3,000 anonymized data points, including keystroke and mouse activity, touchscreen behavior, device handling and signs of compromised devices.
The platform continuously evaluates user behavior during digital banking sessions to distinguish legitimate customers from fraudsters, bots and people acting under coercion.
Visa said the technology will complement its existing cyber defense, fraud detection, identity and risk management products by helping banks identify account takeovers, scams, fraudulent applications and money mule activity before money is transferred.
