BioCatch is encouraging financial institutions to use behavioral biometrics to secure their mobile banking platforms. The company noted that mobile banking limits the utility of security solutions that try to verify the user based on a device’s network and location, since mobile technology allows people to conduct business while on the go. The fact that people regularly upgrade their phones also makes the device itself less useful as a security factor.
Behavioral biometrics offers a potential solution to that problem. The technology authenticates users based on the things they do, analyzing scroll, swipe, and typing patterns to build a unique profile of each user. As a result, it offers more consistency when a user tries to log in from a different location or with a different device.
BioCatch went on to argue that concerns about mobile security are slowing the adoption rate. While the vast majority (91 percent) of financial institutions offer some form of mobile banking, only 10 percent have more than half of their customers enrolled in those mobile platforms, and only a third of consumers use mobile as their primary banking channel. At the same time, 50 percent of all confirmed fraud now originates in those mobile channels, which remain vulnerable to malware, bots, credential theft, and social engineering.
With that in mind, BioCatch indicated that mobile security should be an urgent priority for financial institutions hoping to retain customers in the remote ecosystem that has emerged in the wake of COVID-19. Mobile banking registrations were up 200 percent in 2020 alone, and demand is likely to remain high as people become more comfortable with mobile services.
BioCatch has previously advocated for the use of behavioral biometrics in mobile account opening procedures. It has also insisted that financial institutions that adopt the technology should expect to see a considerable return on their investment.
January 28, 2021 – by Eric Weiss