Visa’s Andrew Torre claimed the acquisition will enable the organisation to better identify fraud before it impacts consumers at the point of payment.
Payment platform Visa has stated it plans to acquire Israel-based cybersecurity company BioCatch as a means of tackling cybersecurity breaches and AI-powered attacks.
Andrew Torre, the president of value-added services at Visa, said the $2.4bn cash acquisition will enable Visa’s clients to prevent fraudulent activity before it reaches a point of payment.
Established in Tel Aviv in 2011 by Avi Turgemen, Benny Rosenbaum and Uri Rivner, BioCatch aims to detect fraud and differentiate legitimate users from fraudulent users in real time by analysing signals. The organisation has offices in Tel Aviv, London, New York, São Paulo, Mexico City, Mumbai and Sydney.
Reportedly, as part of the acquisition, Visa will gain access to BioCatch’s biometrics platform, which can analyse identifying data such as keystroke timing, touch screen pressure and other signals used to distinguish real users from fake.
