With the COVID-19 pandemic and associated social distancing efforts having prompted a huge uptick in the mainstream use of digital services, banks are now seeing more online activity than every before. This, in turn, is making online fraud detection more important than ever, and BioCatch has some advice about how financial services organizations can meet this need while offering a positive customer experience.
The answer, of course, is behavioral biometrics, a technology designed to assess patterns in user behavior in order to detect fraudulent activity and even to authenticate end users. In the onboarding process, for example, behavioral biometrics technology can look for patterns indicating a high level of familiarity with the information being entered, which is a sign of a genuine user – you would easily be able to enter your date of birth, for example, whereas a fraudster might need to look this information up.
At the same time, looking for overfamiliarity with online forms can help to detect fraud, since fraudsters will often have made multiple attempts to fill out the same onboarding form, or may be using automated software to fill it out.
For end customers, this technology means that they won’t necessarily have to jump through hoops to prove that they’re not fraudsters during the onboarding process. Likewise, by assessing the likelihood that an end user is a genuine customer, behavioral biometrics can help to stop false declines in transactions; and it can reassure customers that their accounts won’t be used in account takeover fraud scenarios, since behavioral biometrics is always on the lookout for fraud, even in active online sessions in which a genuine user has already logged in.
BioCatch’s blog post is just the latest of its efforts to educate users about online fraud amid the COVID-19 pandemic. And the company will further spread this message in an upcoming high-profile webinar hosted by FindBiometrics and Money20/20 Europe: “Building Invincible Trust Chains With Strong Authentication and ID Verification“.