Financial security is important. It can also be frustrating when a transaction gets declined while you’re using your own credit card. According to BioCatch, false declines – that is, legitimate transactions that are flagged as potentially fraudulent – have a footprint 13 times bigger than the cost of fraud itself, a number that reflects the loss of individual transactions, reduced brand loyalty, and the call center hours needed to handle complaints from dissatisfied customers.
Behavioral biometrics offers a solution to that problem. In its latest blog post, BioCatch explains how its platform offers greater security and more convenience, gathering and analyzing user data (up to 10GB per minute) to build a customer security profile that enhances online identity verification and eliminates the need for traditional passwords.
“When a known user started displaying abnormal behavior, such as hesitating before submitting, making and correcting more errors than normal, and multitasking, the BioCatch system picked up on the anomalies and sent a real-time alert to analysts,” writes BioCatch. “Each behavioral element on its own was meaningless, but putting them together pointed to a real threat.”
In other words, behavioral biometrics lessens the security burden placed on the user, effectively fighting fraud while delivering a more streamlined customer experience.
“How a user enters information into an online application and the context in which the activity occurs results in insights that can be used to reduce false alarms, facilitate service delivery, and ensure proper online identity verification,” explains BioCatch.
BioCatch’s latest updates have focused on Vishing scams, but the antifraud platform can safeguard many different kinds of digital transactions and has applications in a number of different industries.
February 25, 2019 – by Eric Weiss