Digital transformation has taken its hold in payments, banking, commerce, and beyond. But both the rapid transformation of processes and the rate of consumer adoption present significant challenges for businesses. One of the biggest questions of our day is how do you verify customer identity in a way that prevents cybercrime without disrupting the user journey?
Traditional authentication solutions can be a major hindrance to user experiences. Stronger security simply doesn’t play well with ease of use for consumers.
In recent years, the global financial sector has experienced a significant surge in new types of fraud and cybercrime. Breaking it down to geographic regions, we see that these dynamics are influenced by a wide array of factors such as the political setting, financial practices, IT structures and the regulatory environment.
Our security walls aren’t as high as we think they are. There are holes, and cybercriminals know how to slip through them, undetected. Application fraud has become a number one problem for companies across all verticals. In 2016, more than 25% of identity theft fraud involved the use of stolen information to open new accounts.
Game-Changing Behavioral Biometrics Technology Delivers Greater Accuracy and Addresses More Use Cases Across the Digital Identity Lifecycle
BioCatch’s AI-driven behavioral biometrics solution is unique in that it goes beyond traditional authentication, leveraging deep domain expertise to help answer the question of whether someone really is who they claim to be when they transact online. More than 2,000 behavioral parameters are collected passively in the background of an online session, revealing powerful insights that support various use cases across the digital lifecycle.
Behavioral biometrics enables the measurement and analysis of patterns in human activities. It’s a breakthrough cybersecurity technology that identifies people by how they do what they do, rather than static phyiscal characteristics, like what they know, or what they have access to. It is the advanced solution for fighting cybercrime in an age when criminals have more access to our personally identifiable information (PII) and more sophisticated hacking methods than ever before.