BioCatch: Securing Bitcoin Apps with Behavioral Analytics
Consumers all over the world are starting to use their mobile devices more and more to complete financial transactions, ranging from mobile banking to using services like PayPal. At the same time, there are hackers and other online criminals looking to take advantage of the mobile ecosystem by exploiting weaknesses through malware and unauthorized remote access. BioCatch is the first company in the world to detect these types of attacks in real-time.
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BioCatch Wants to Secure Mobile Devices & Platforms
As more consumers start to rely on mobile versions of financial platforms, service providers will have to step up their game and provide better security protocols.
BioCatch specializes in providing security to its customers, and they have become the global leader in Behavioral Authentication and Malware Detection throughout the years.
Malware in particular could be a significant threat to mobile users, considering how much of this software spreads through advertisements on websites. Even if the user does not notice something malicious is going on in front of their eyes, their device might be infected with malware behind the scenes.
Once a mobile device becomes vulnerable to malware or any other type of infection, hackers will be able to execute code remotely. This can cause all sorts of trouble for the end user, ranging from hackers installing hidden applications, to logging all of the information typed in, and even presenting fake versions of websites to steal consumer data.
BioCatch wants to address all of these worries, as they are the world’s first company to successfully detect real-time RAT-in-the-middle and Remote Access threats. A RAT-in-the-middle attack consists of remote access trojans, which are frequently used by fraudsters and other online criminals to gain access to user’s financial details.
By analyzing hundreds of user interaction parameters, BioCatch can distinguish between actions undertaken by the device owner, or a third-party. Additionally, it is important to keep in mind that every hacker leaves their “digital fingerprint,” which helps companies like BioCatch thoroughly distinguish between behavioral patterns.
What is especially worrying to mobile users around the world is how these remote attacks are evolving as well. A new type of exploit called RAT-in-the-browser has become quite popular in recent months, as detection rates are very low. Companies like BioCatch will play a major role in changing this scenario for the benefit, and so far, they seem to be succeeding.
A Valuable Lesson for Bitcoin Companies
Bitcoin service providers have to keep a close eye on these types of attacks. Even though it is very convenient to offer mobile wallet and trading solutions to Bitcoin users all over the world, standard authentication procedures may still not prevent a sophisticated attack. If a user were to lose control over their device due to one of these remote attack trojans, financial havoc is just around the corner.
When a device is accessed remotely by a hacker, they can open apps in the background, including tools used for two-factor authentication. Keeping in mind how most Bitcoin apps use some form of 2FA to authenticate users, internet criminals would be able to bypass this layer of security with relative ease.
This is why companies such as BioCatch deserve a lot more attention than they are getting. Granted, the technology industry seems to be very keen on this business, but it will take some time until companies integrate their solution. Bitcoin service providers could become the frontrunners in merging Biocatch technology with their offerings, to create an even more secure financial environment for users all over the world.
Do you think BioCatch can improve Bitcoin security? Let us know in the comments below!
Source: Press Release
Images courtesy of BioCatch, Shutterstock
