BioCatch wants governments to prevent fraud in real time

Former Israeli anti-money laundering chief Dr Shlomit Wagman says governments need to transition from traditional post-event investigations to real-time prevention. BioCatch has taken its intelligence-sharing model into government, launching an advisory board to help identify fraudulent tax and welfare payments. The initiative, announced on 3 November, aims to foster relationships between governments, law enforcement agencies and financial institutions to improve the detection of fraud involving public money. According to US government estimates , fraud resulted in annual losses of between $233bn and $521bn from 2018 to 2022.