Argentinian banks and fintechs launch real-time fraud and scams intelligence-sharing network

Banco Galicia, Naranja X, and Santander have announced they’d joined BioCatch Trust™ Argentina, the western hemisphere’s first inter-bank, behavior- and device-based, real-time fraud and scams intelligence-sharing network. 

BioCatch Trust™ is the first and only network of its kind powered by BioCatch’s market-leading more than 3,000 behavioral data points (keystroke and mouse activity, touch screen behavior, swiping pressure, etc.). It protects member bank customers against financial crime, scams, and fraud by using this data to assess in real time the trustworthiness of the accounts to which they direct their transfers and payments.

If the network flags the behavior of a receiving account as suspicious, it shares this intelligence with the sending bank in real time, allowing the sending institution to suspend and investigate the transaction before any money leaves the sender’s account.

“Mule accounts serve as the link between fraud and scam payments, the proceeds of financial crime, and the perpetrators of these crimes realizing their illegal profits,” BioCatch CEO Gadi Mazor said. “Criminals utilize sprawling, inter-institution networks of these accounts to launder their riches. To root out these underlying networks of bad accounts, we must equip our financial institutions with the ability to combine sending account, receiving account, and network signals before a transfer of funds takes place. This is a systemic problem that requires a systemic solution. It takes a network to fight a network, and we’re proud to now offer Argentinian banks an opportunity to join their own intelligence-sharing network to fight back.”

The network combines behavioral intelligence with data from digital sessions, payments, accounts, devices, and non-monetary events to assess a receiving account’s potential risks before an eligible payment is processed.

This helps financial institutions prevent those types of scams (investment, business email account compromise, investment romance, etc.) where the fraudster manipulates the victim outside of a digital banking session (many scams originate via an email, text message, or social media post). BioCatch Trust™ accomplishes this while utilizing proven pseudonymization technology to help protect the identities of those customers within the BioCatch Trust™ network.

The strength of the BioCatch Trust™ network improves with each new financial institution that joins. As more banks contribute account intelligence, the system grows smarter and more effective, offering deeper insights and broader coverage. This collective intelligence helps to protect against existing, unknown, and emerging threats, significantly enhancing fraud detection across the Argentinian banking ecosystem.

BioCatch Trust™ Argentina is just the second-ever intelligence-sharing network of its kind. BioCatch launched BioCatch Trust™ Australia in November of 2024.

While BioCatch Trust™ complements existing networks that share information after a scam has taken place, it is right now the first and only network to identify risk in real time before any money leaves a would-be victim’s account.

Commentary from participating banks (translated from Spanish):

“In the fight against fraud, collaboration is essential, and BioCatch Trust™ enables us to apply this principle intelligently,” Galicia Chief Information Security Officer Pedro Adamovic said. “Complementing our transactional behavior and biometric intelligence technologies with this network – where we can access information about recipient accounts before a transfer is made – gives us an advantage in strengthening our strategy. Reducing the number of customers who fall victim to scams is our priority.”

“We are keen to see the potential of this collaboration through BioCatch Trust™ Argentina as an add-on to our existing security strategies,” Naranja X Head of Fraud Prevention Manuel Barud said. “The real-time exchange of information could offer an additional perspective in our fraud-prevention efforts. We believe the entire market will eventually participate in this initiative so that it can be strengthened and help us achieve a safer ecosystem for everyone.”

“Our customers’ security is our top priority, and collaboration is key to addressing the challenge of financial fraud,” Santander Argentina Head of Technology Fernando Turri said. “BioCatch Trust™ Argentina allows us to anticipate threats in real time, preventing funds from reaching fraudulent accounts. With this innovative approach, we can better protect the financial system and strengthen the trust of those who do business with us. We’re not only providing greater security but also a better experience, with less friction for genuine transactions.”

_____________

BioCatch prevents financial crime by recognizing patterns in human behavior, continuously collecting more than 3,000 anonymized data points – keystroke and mouse activity, touch screen behavior, physical device attributes, and more – as people interact with their digital banking platforms. With these inputs, BioCatch’s machine-learning models reveal patterns in user behavior and provide device intelligence that, together, distinguish the criminal from the legitimate. The company’s Client Innovation Board – an industry-led initiative in partnership with American Express, Barclays, Citi Ventures, HSBC, National Australia Bank, and others – collaborates to pioneer innovative ways of leveraging customer relationships for improved fraud detection. Today, more than 30 of the world’s largest 100 banks and 267 total financial institutions deploy BioCatch solutions, analyzing 15 billion user sessions per month and protecting 511 million people around the world from fraud and financial crime.

Founded in 1905, Galicia is Argentina’s leading privately owned domestic bank, with 5,700 employees and more than 280 branches.

With 40 years of history, Naranja X has evolved to support people in managing their daily finances, offering solutions for saving, payments, credit, and collections. We operate two development centers in Córdoba and Buenos Aires, over 140 branches nationwide, and have a team of more than 2,700 employees. Every month, more than 8 million customers engage with our products and services.

Santander Argentina is the largest private bank in the Argentine financial system and the leading digital bank with branches in savings and lending volume. It operates 250 traditional branches, eight social integration branches, three digital offices, nine work cafés, and serves more than 4.5 million customers (including 2.5 million digital users, over 320,000 SMEs, and 1,300 corporate clients). With a team of more than 6,000 people, the bank has a presence in 22 provinces and in the city of Buenos Aires. It also runs a banking program focused on higher education and maintains over 90 partnerships with public and private universities in Argentina.