(Reuters) -Nasdaq Verafin and fraud detection firm BioCatch said on Wednesday they had formed a strategic partnership to combine their technologies to combat rising payments fraud.

Banks and payment firms are facing mounting pressure to protect customers from scams and social engineering schemes that prey on vulnerabilities in faster payment systems and drain accounts in real time.

Under CEO Adena Friedman, Nasdaq has expanded beyond being a stock exchange operator and made acquisitions to build a broader suite of financial technology tools. It had struck a $2.75 billion deal in 2020 to buy anti-financial crime software maker Verafin.

BioCatch’s financial crime prevention platform delivers real-time analysis of up to 3,000 unique behavioral and device-related datapoints.

In the first p

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