Synthetic identity fraud is on the rise, and behavioral biometrics technology offers a powerful countermeasure, argues BioCatch’s Daniel Shkedi in a new post on the BioCatch blog.
The idea of ‘synthetic identities’ essentially refers to the creation of fake identities based on stolen and fictitious personal data, such as the combination of a fake name and address with a real social security number. Citing data from Auriemma Consulting Group and Javelin Strategy and Research, Shkedi says that this kind of fraud produced $6 billion in losses last year, and that the fraud will rise to $8 billion by 2018.
Fortunately, behavioral biometrics technology can help to spot the red flags for this kind of thing. BioCatch’s platform, for example, considers metrics such as ‘application fluency’ and ‘data familiarity’. If a user is navigating a form at an unnatural speed, or taking a strangely long time to enter intuitive information like name and address, these can act as relatively clear signs that something’s up, with deployed tracking technology automatically considering such behaviors in risk assessments.
It’s these kinds of capabilities that have led companies like LexisNexis Risk Solutions to integrate BioCatch into their security platforms. Even if it isn’t used for individual user authentication, behavioral biometrics technology can add an extra security layer that appears increasingly valuable as online fraud evolves.
August 16, 2017 – by Alex Perala