How behavioural biometrics can help address the new Digital Payment Security Controls directions, 2021 guidelines
Behavioral biometrics analyzes a user’s digital physical and cognitive behavior and is most commonly used today as a fraud prevention solution. Behavioral biometrics distinguishes between legitimate users and cybercriminals and identifies people by how they behave and interact online rather than by static information or physical characteristics, like what they know or what they have access to.
Financial institutions continue to prioritize investment in digital banking to grow revenue and acquire new customers. The coronavirus pandemic has only accelerated that transformation, specifically around digital account opening. With access to physical branches restricted, d
As today’s consumers live on their mobile device, it’s no surprise that there is a growing appetite for banking on the fly. With COVID-19 stay-at-home guidelines only expediting this shift, 2020 saw an extraordinary growth in new mobile banking registrations.
As digital business strategies become less about managing risk and more about embracing it, new technology will be critical to accelerating that transformation. Real-time P2P payments for mobile banking is a perfect example. As financial institutions expand their risk appetite to offer more functionality and new digital services to customers, there is always a hidden side to consider. Where is the middle ground between driving adoption and enrollment and increasing revenue while simultaneously protecting the P&L statement from fraud losses? This is a question on the minds of many fraud, security and risk management leaders today.
Gadi Mazor, COO of BioCatch, provides a refreshing take on how digital behavior, and the right technology, can be used to detect advanced social engineering scams.