Security based on behavioral biometrics can offer a considerable return on investment, BioCatch says. And to prove it, the company has launched an ROI calculator for organizations considering implementing the technology.
In a blog post announcing the ROI calculator, BioCatch cites Experian, its new credit specialist partner, in asserting that as much as 10 percent of all loan or credit card applicants could be fraudsters using stolen credentials. As a result, 30 percent of online customers are asked for some escalated form of authentication. That results in considerable extra friction for a lot of legitimate customers.
Complicating matters further, BioCatch says that 15 percent of users will fail to authenticate, for example by providing the wrong phone number for verification. The company says that in the US it costs, on average, four dollars per call to a customer, which means that a lot of money is potentially being spent on authentication calls to wrong numbers.
By assessing potential fraud threats on a continual and passive basis, behavioral biometrics therefore offers considerable advantages both in terms of reducing friction for users and reducing wasteful security efforts on the part of organizations. It’s part of the reason there is so much excitement about behavioral biometrics in the security industry today. BioCatch is inviting administrators to learn more by contacting the company to try its ROI calculator.