On May 30th , 2022, Biuro Informacji Kredytowej added the Digital Fingerprints brand to its portfolio – the creator of solutions in the field of behavioural biometrics. Thanks to the acquisition of the Polish fintech, the innovative technology strengthens the digital arsenal of BIK anti-fraud services. The process of including the Digital Fingerprints shares by BIK is the result of an agreement with the mAkcelerator fund, the company's investor to date.
Digital Fingerprints is a Polish start up, operating since 2017, offering cybersecurity solutions based on behavioural biometrics. So far, the company has been in the portfolio of mAkcelerator – mBank's fund, specializing in investments in dynamically growing enterprises at an early stage of their development.
Behavioural biometrics strengthens the digital arsenal of BIK anti–fraud services
Based on the technology of Digital Fingerprints, BIK strengthens its existing competences in building sectoral anti-fraud systems and services. The purpose of the acquisition is to include technology that guarantees the safety of banks and their clients in the innovative BIK Behavioural Biometric Platform.
– The technology of behavioural biometrics has been our area of interest for a long time. Now the concept has a chance to go widely on the market thanks to the cooperation of BIK and Digital Fingerprints experts. It is a great satisfaction for me that this synergy has taken place. The result will be a solution that has not yet been seen in the financial sector in Poland. The ecosystem of platforms built in Biuro Informacji Kredytowej, used for the prevention and detection of frauds, for greater security of institutions and their clients, also outside the financial sector, will increase – says Mariusz Cholewa, PhD, president of the BIK board.
Since many years, BIK has been combining its competences in the area of the information exchange market with advanced digital technology, and the anti-fraud services and systems bringing to the financial sector measurable savings. Now, the group of already implemented in BIK solutions that detect false credit applications in banks and the system of protection of all online transactions from the level of device verification, will be joining another innovative mechanism – behavioural biometrics, allowing the fraudulent to be identified in real time, regardless of the application or device he uses.
– The development of BIK Behavioural Biometrics Platform will be a synergy of the technological competences of the start-up and BIK's experience, the effect which will strengthen the range of anti-fraud solutions already offered by BIK. It will be the first service with which we also plan to enter the global market – adds Cholewa, PhD, president of BIK and president of ACCIS, the world's largest association of credit reference agencies.
Innovative technology will protect everyone
Digital Fingerprints has developed a security system based on a biometric profile of customer behaviour, incl. the manner of typing on the keyboard, the way of moving a computer mouse or a mobile application. Algorithms for building profiles have been developed with the use of artificial intelligence and machine learning processes. The biometric model can detect anomalies in the user's behaviour, which allows to detect a fraudulent operation and warn, for example, a bank against an unauthorized transfer from an account or submitting a loan application.
– Most importantly, the solution is transparent to the user, so it does not engage him in any way, nor does it affect their behaviour or is related to a specific institution or application. Additionally, the developed behavioural model is regularly updated. As you know, our behaviour may change over time, so the model will also change with us – emphasizes Krzysztof Raczyński, CEO of Digital Fingerprints.
mBank fund entrusts the recognized start–up to BIK
The transaction for the acquisition of Digital Fingerprints was finalized as a result of an agreement between BIK S.A. and mAccelerator.vc – a fund established by mBank
– This transaction is a natural next step in our investment activity and provides the company with an opportunity for further expansion while generating an attractive rate of return for our fund. The takeover of Digital Fingerprint by BIK means that a unique technological endeavour built by a group of highly talented programmers in cooperation with mBank will find the best possible home. We are delighted that the buyer of the company is a longstanding institution with unique experience in delivering highest quality solutions for the banking sector. Thanks to BIK, the technology built by Digital Fingerprints has the opportunity to mature and reach unprecedented scale – adds Wojciech Chmielewski, mAkcelerator.vc managing partner.
Behavioural Biometrics is recognized as a method of strong customer authorization by the European Banking Authority. Banks that use this technology do not have to implement other authorization mechanisms, such as tokens, SMS or mobile applications.
Spokesman at mBank Poland