Argentine banks unite to stop fraud in real time

 

A unified step toward financial fraud prevention, Galicia, Naranja X, and Santander banks have announced their integration into BioCatch Trust™ Argentina, the Western Hemisphere’s first intelligent interbank network for real-time information sharing on scams and fraud.

This network, based on user and device behavioral analytics, enables financial institutions to identify risks before funds leave the account of a potential victim.
Its technology leverages over 3,000 behavioral indicators—such as typing patterns, mouse movements, or touchscreen interactions—to assess the trustworthiness of recipient accounts for payments and transfers.

How the Network Operates.

When suspicious activity is detected in a recipient account, the network alerts the issuing bank in real time, enabling the transaction to be suspended and investigated before any funds are withdrawn. This early intervention capability makes BioCatch Trust™ a unique tool in combating financial crime.

Gadi Mazor, CEO of BioCatch, elaborates on the system’s operation:

“Mule accounts serve as a link between scams, fraudulent payments, and proceeds from financial crimes, facilitating cybercriminals in obtaining and moving illicit funds. Criminals use extensive interinstitutional networks of these accounts to launder money. To dismantle these underlying malicious account networks, we must empower financial institutions to combine signals from the sending account, the receiving account, and the network before a funds transfer occurs. This is a systemic problem that requires a systemic solution. One network is needed to fight another, and we are proud to now offer Argentine banks the opportunity to join their own information-sharing network to fight back.”

The network uses behavioral intelligence alongside digital session data, payments, accounts, devices, and non-monetary events to assess the risk of a recipient account prior to executing a transfer.
This approach blocks scams that manipulate victims outside the banking environment—such as email, SMS, or social media fraud—while preserving user privacy through anonymized technology.

Bank Perspectives.

Galicia highlighted the value of this collaboration. Pedro Adamovic, Chief Information Security Officer at the bank, states:

“In the fight against fraud, collaboration among companies is essential, and thanks to BioCatch Trust we can leverage this principle intelligently. Complementing our transactional behavioral and biometric intelligence with this network, where we can access information on recipient accounts before a transfer is made, gives us a significant advantage to strengthen our strategy. Reducing the number of customers who fall victim to scams is our top priority.”

Meanwhile, Manuel Barud, Head of Fraud Prevention at Naranja X, shared:

“We see great potential in this collaboration through BioCatch Trust™ Argentina to complement our security strategies. Real-time information sharing could provide an additional perspective in our fraud prevention efforts. We trust the market as a whole will participate in this tool, strengthening it to create a safer ecosystem for everyone.”

At Santander, Fernando Turri, Head of Technology and Operations, emphasized:

“Our clients’ security is a priority, and collaboration is key to addressing 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 trust of those who operate with us. We not only provide greater security but also a better experience, with less friction for legitimate transactions.”

Impact and Future Expansion.

With every new member, the network grows stronger. The collective intelligence provided by BioCatch Trust™ enhances the detection of existing, unknown, and emerging threats, raising the level of protection across Argentina’s banking ecosystem.

BioCatch Trust™ Argentina is the second network of its kind globally, following its launch in Australia in 2024.
Unlike other information-sharing platforms, this network identifies risks in real time, prior to transfer completion. Its integration into the national banking system marks a milestone in the fight against financial fraud.