Featurespace is launching a new behavioral biometrics platform to help financial institutions spot and prevent fraudulent transactions in realtime. Dubbed Adaptive Behavioral Biometrics, the solution was announced at this week’s Money 20/20 Europe conference and will be available through Featurespace’s ARIC Fraud Hub.
“We’re attuned to the evolution of fraud and leverage our market-leading models and technology to continue to deliver the latest and most advanced fraud prevention and detection tools,” said Featurespace CEO Martina King. “There has never been a more important time to support our customers in their drive to prevent fraud loss and reduce customer friction.”
Like other behavioral biometrics platforms, Adaptive Behavioral Biometrics prevents fraud by noting any differences in a user’s behavioral patterns while making a transaction. It was also designed to reduce the risk of fraud during the customer onboarding process, when a new client does not yet have an established behavioral pattern. Adaptive Behavioral Biometrics collects data during every onboarding and digital session, generating a report for fraud analysts if it detects any unusual activity.
Behavioral biometrics is becoming increasingly popular with financial institutions because passive authentication offers a high level of security while minimizing hassle for the end user. However, many consumers are still wary of the technology, which could slow adoption rates as behavioral biometrics continues to evolve.
June 4, 2019 – by Eric Weiss