BioCatch is once again highlighting the utility of behavioral biometrics in the wake of Experian’s latest Global Identity and Fraud report. That report found that the vast majority (95 percent) of businesses were confident in their ability to identify their customers, even though most (57 percent) had experienced higher losses from account opening and account takeover fraud.
The discrepancy suggests that many organizations may be placing too much faith in their current security setup. Account opening fraud carried a $3.4 billion price tag in 2018 alone, and is becoming more common thanks to the increasing availability of stolen personal information.
That’s where behavioral biometrics comes into play. BioCatch argues that a strong security system needs to be able to confirm the identity of a user at every stage of an online session, and not just at the initial login. Behavioral biometrics builds a comprehensive profile of each user based on the way they interact with their device, and uses that to watch for any anomalous (and potentially fraudulent) activity. The tech provides ongoing authentication at every stage of the application process without creating more friction for the user.
BioCatch notes that its system profiles both legitimate user activity and criminal activity, which gives the platform a better chance to spot fraudulent behavior patterns during a session. The company’s platform also gives businesses more insight into each interaction, enabling them to make more informed security decisions for their users.
BioCatch augmented its technology portfolio with the acquisition of AimBrain earlier this year.
March 16, 2020 – by Eric Weiss