While banks have always seen security and fighting fraud as a key priority, they’ve also been eager to adopt innovative solutions like behavioral biometrics out of a concern for customer service and operational efficiency, says BioCatch Head of Analytics Dr. Shira Mintz.
In an interview on the company’s blog, Mintz says banks are “in a constant conflict between their responsibility for the security of their clients’ accounts, while keeping their service delivery uninterrupted and frictionless.” It’s an area where the kind of behavioral biometrics technology provided by BioCatch can offer powerful solutions: Such technology helps to identify legitimate customers – and flag potential fraudsters – by assessing patterns in user behavior. These analyses happen in the background, helping to ensure security without requiring customers to perform additional actions for authentication. At the same time, such systems can “reduce extensive operational costs” for banks, says Mintz, since it helps to stop fraud losses while also ensuring that customers are dealt with efficiently.
Even in cases where fraudsters have persuaded legitimate customers to log into their accounts and then provide remote access to the fraudsters – generally by posing as bank representatives – Mintz says BioCatch’s system can differentiate between the remote activity of the fraudster and the mouse clicks and keystrokes initially performed by the customer.
Given such technological sophistication, it’s clear why BioCatch was recently named the winner of the 2017 Global Frost & Sullivan Award for Product Innovation, and why numerous financial institutions have been eager to embrace behavioral biometrics in their fight against fraud.