BioCatch has introduced DeviceIQ, a new device identification and intelligence solution aimed at helping financial institutions enhance their ability to assess device trustworthiness in digital banking environments. This launch comes as traditional methods of device identification face challenges from increasingly sophisticated fraud tactics, including device spoofing and the use of emulators.
The advancement of technology has enabled criminals to exploit vulnerabilities in existing systems. Techniques such as cloaked browsers, jailbroken devices, and data-wiping strategies allow fraudsters to circumvent traditional security measures, often operating from the same physical devices. Additionally, the rise of agentic browsers complicates the landscape further, as these tools separate user actions from the device signals that banks typically rely on for fraud detection.
As financial institutions strive to comply with strict privacy regulations and meet customer expectations regarding data usage, the need for innovative solutions becomes urgent. The introduction of DeviceIQ aims to address these challenges by equipping banks with advanced capabilities to identify and evaluate device health in real-time. This approach enables banks to reassess the trustworthiness of devices at each digital banking session, regardless of prior recognition.
DeviceIQ’s Impact on Fraud Detection
In its initial deployment at a major financial institution in the United States, DeviceIQ demonstrated its effectiveness by detecting nearly 60% of device upgrades for legitimate users within just two weeks. This capability facilitated a seamless transition from old to new devices while preventing any fraudulent activity. Furthermore, the system identified that devices flagged as suspicious were nearly 13 times more likely to have bypassed the institution’s previous device-focused defenses.
A single software development kit (SDK) connects DeviceIQ to the BioCatch Connect platform, merging behavioral, device, transactional, and application intelligence into one cohesive system. This integration allows banks to gain a comprehensive view of risk, as noted by Ayelet Eliezer, Chief Product Officer at BioCatch. She emphasized that many institutions currently operate with fragmented risk signals from multiple vendors, leading to increased costs and reduced efficiency. “DeviceIQ is built directly into the BioCatch Connect platform, enabling banks to evaluate all risk signals in one place, giving them the clarity they need to stop fraud earlier,” Eliezer stated.
Adapting to an AI-Driven Future
As both consumers and criminals increasingly utilize AI-powered tools for digital interactions, the challenge for banks is not only to identify which devices are accessing their services but also to ascertain who or what is operating through those devices. DeviceIQ offers an additional layer of protection by providing context regarding device-level intelligence prior to authentication.
“The fraud prevention perimeter has moved,” said Sam Abadir, research director of risk, financial crime, and compliance at IDC. He highlighted the importance of device-level insights, stating that institutions relying solely on identity signals at login overlook an evolving attack surface. Collecting device intelligence before user authentication offers risk teams a more complete picture of the session context.
As fraud tactics become more advanced, the introduction of DeviceIQ positions financial institutions to better navigate the complexities of digital banking security. By integrating comprehensive device intelligence into their operations, banks can enhance their fraud detection capabilities while minimizing friction for genuine customers, ultimately preparing for a rapidly evolving landscape driven by artificial intelligence.
