Visa Scoops Up BioCatch for $2.4 Billion Cybersecurity Boost
Visa has announced its latest effort to bolster cybersecurity offerings with a $2.4 billion deal to acquire BioCatch, a fraud intelligence provider.
The acquisition is part of Visa's strategy to further enhance its existing cyber, fraud, risk and security offerings, which are crucial in an increasingly complex threat environment.
According to Andrew Torre, president of value-added services at Visa, account takeovers and scams cost the global economy over $1 trillion annually, and AI is enabling these attacks at unprecedented scale. BioCatch will help clients stop fraud before it reaches the point of payment by analyzing signals such as keystrokes, touch gestures, and device handling.
BioCatch has served more than 350 banking clients in 21 countries and offers protection to 1.8 billion devices and 760 million users worldwide.