The payments giant is betting billions on behavioral biometrics as digital fraud becomes an existential threat to fintech trust. The payments giant plans to acquire BioCatch, a behavioral biometrics company specializing in fraud detection, in a deal reportedly valued between $2B and $2.4B in cash. Owning BioCatch outright, rather than partnering with the company, gives Visa a proprietary layer of fraud prevention that competitors can’t simply license for themselves. BioCatch’s jump from a $1.3B valuation in September 2024 to a reported $2B to $2.4B exit suggests that acquirers are willing to pay steep premiums for companies with proven fraud prevention at scale. But if it closes at the reported range, it will stand as one of the largest pure-play fraud prevention acquisitions in fintech history.