Argentina. Galicia, Naranja X and Santander announced today the creation of BioCatch Trust Argentina, the first intelligent interbank network for the exchange of real-time information on fraud and scams in the Western Hemisphere. The network relies on behavioral data and devices, with the goal of protecting customers from financial crimes.
BioCatch Trust uses more than 3,000 user behavior indicators, such as keyboard activity, touchscreen usage, and swipe pressure, to assess in real-time the trustworthiness of accounts receiving transfers and payments. If it detects suspicious behavior on a receiving account, it shares this information with the bank issuing the transaction, allowing the transaction to be suspended and investigated before the withdrawal is complete.
"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 of BioCatch. "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 is made. 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 network of information exchange to fight back."
The network combines behavioral intelligence with digital session data, payments, accounts, devices, and non-cash events to assess the risk of a receiving account before processing a payment. This allows institutions to prevent frauds such as fraudulent investments, business email account compromise, and romance scams for investment purposes, in which the fraudster manipulates the victim outside of the banking environment.
BioCatch Trust uses anonymized technology to protect the identity of customers. According to the company, the strength of the network grows as new institutions join, which allows for improved fraud detection in the Argentine banking ecosystem.
BioCatch Trust Argentina is the second network of its kind. The first, BioCatch Trust Australia, was launched in 2024.
Pedro Adamovic, Chief Information Security Officer in Galicia, said: "In the fight against fraud, collaboration between companies is essential and thanks to BioCatch Trust we can use this principle intelligently. Complementing our transactional behavior and biometric intelligence technologies with this network, where we can have information from receiving accounts before the transfer is made, gives us an advantage to reinforce our strategy. Reducing the number of customers who fall victim to scams is our priority."
Manuel Barud, Head of Fraud Prevention at Naranja X, commented: "We look forward to the potential of this collaboration through BioCatch Trust™ Argentina to complement our security strategies. Real-time information sharing could offer additional insight into our fraud prevention efforts. We are confident that the market as a whole will participate in this tool, to be able to give it the strength that allows us to achieve a safer ecosystem for all."
Fernando Turri, Head of Technology and Operations at Santander Argentina, said: "The security of our customers is a priority, and collaboration is key to facing the challenge of financial fraud. BioCatch Trust™ Argentina allows us to anticipate threats in real time, preventing funds from reaching fraudulent accounts. With this innovative approach, we reinforce the protection of the financial system and strengthen the confidence of those who operate with us. Not only do we provide more security, but also a better experience, with less friction for genuine transactions."
