TypingDNA is once again highlighting the potential benefits of keystroke dynamics in the banking industry in its latest blog post. The company notes that the European Banking Authority has approved the use of keystroke dynamics as an inherent element for Strong Customer Authentication, which means that financial institutions can use the technology to ensure compliance with the incoming PSD2 regulations.
TypingDNA goes on to explain that there are several other advantages associated with typing biometrics, one of which is accessibility. While other forms of biometric authentication require a dedicated scanner, keyboards are nearly ubiquitous. People are also familiar with them, which makes them more user-friendly than authentication methods like One-Time Passwords and software tokens, which force users to switch between multiple screens and/or devices.
Keystroke dynamics can be particularly effective when deployed alongside knowledge-based authentication factors like passwords. It might seem counterintuitive given the trend towards passwordless authentication, but TypingDNA argues it is possible for security to be too seamless, at least in the sense that 25 percent of customers will abandon an interaction without any visible layers of security.
Keystroke dynamics represents a happy medium if applied when people are typing in their passwords. It introduces a passive layer of biometric security to a process that many people already understand (and feel comfortable with), delivering Strong Customer Authentication without adding any extra friction.
Thanks to a deadline extension, businesses in the European Economic Area have until December 31 to achieve compliance with the new PSD2 regulations. Now that keystroke dynamics is an approved authentication factor, TypingDNA is well positioned to capitalize on the market as those businesses search for ways to update their security practices.
March 5, 2020 – by Eric Weiss