D4t4 Solutions has released a new behavioral biometrics platform to reduce the threat of fraud for financial institutions and other organizations. The Celebrus Fraud Data Platform (FDP) provides coverage across all connected devices, and is compatible with a number of current fraud management solutions, including those from Quantexa, Teradata, and SAS.
Once installed, Celebrus automatically analyzes each user’s behavior to verify their identity in real time. In doing so, it provides ongoing, passive authentication, and makes it easier to spot potentially fraudulent activity. The platform will assign a risk score to each interaction, and can step in if it notices anything unusual during a session, especially if those indicators have been associated with fraud in the past.
The insights from Celebrus help eliminate false positives, and can guard against everything from new account fraud all the way through to account takeovers and payment fraud. The platform gives organizations the ability to replay individual sessions for follow-up analysis.
For its part, D4t4 is hoping that Celebrus will address the growing need for effective anti-fraud solutions. The company noted that many institutions have reported increases in both fraud volume and fraud value, especially as e-commerce went up during the pandemic.
“With dramatic shifts to digital commerce over the last year and an increase in cyber threats from bad actors, organizations across banking, retail, household goods, entertainment, and others, are working to fend off fraudsters,” said D4t4 CEO Pete Kear. “Unfortunately, existing solutions can’t fully analyze behaviors to protect customers from fraud before it occurs.”
Several industry analysts have predicted that the market for behavioral biometrics technology will climb to about $4 billion in the next few years. AMR places it at $3.92 billion in 2025, while GIA and Grand View Research place it at $3.9 billion and $4.92 billion respectively in 2027.
June 15, 2021 – by Eric Weiss