A BioCatch executive is urgently calling for further deployments of behavioral biometrics as digital transactions skyrocket in India.
The company’s Pre-Sales Engineer, Shriram Sekar, is based in the country, and is seeing firsthand the digital transformation sweeping across India. But in a new post on the company blog, Sekar emphasizes one key metric: transaction rates on the United Payments Interface.
The UPI is the payments platform of the National Payments Corporation of India. It was launched in 2016, and surpassed a billion transactions in October of 2019. Just a year later, it crossed the two billion mark.
“The digital adoption growth rate we are seeing in India cannot be compared with any other country globally, completely reimagining the way we operate and moving us out of our comfort zones,” Sekar writes.
This, of course, has opened the fraud floodgates, with Sekar focusing on the threat of social engineering scams in particular. Fortunately, BioCatch has been working with its customers on applying behavioral biometrics technology to the detection of such scams, in which legitimate bank customers are essentially tricked into performing transactions using their own accounts.
A number of metrics can help to give the scam away: extended online sessions, aimless mouse movements, segmented typing indicating that a cybercriminal is having account numbers read aloud – these and more can automatically be detected by behavioral biometrics technology, with patterns assessed to determine the risk level of fraud.
That amounts to a substantial anti-fraud solution that could prove highly appealing to an organization like the NPCA. As Sekar concludes, “Today, with billions of monthly transactions happening on the UPI platform, there is even more motivation than ever to implement the right technology to prevent fraud losses from advanced social engineering scams and build trust with customers.”
December 17, 2020