Behavioral biometrics has evolved profoundly in the last decade. What started as the analysis of user behavior based on clicks, swipes and typing patterns has developed into a technology that relies on deep knowledge of neuroscience and cognitive analysis that ventures into the unchartered areas of the human mind.
The gig economy has exploded, especially in the wake of the COVID-19 pandemic. According to the Bureau of Labor projections, the portion of gig economy workers will increase to 43% in 2020. Among millennials, 40% have identified as participating in the gig economy.
Mobile apps, online banking, P2P payments, and more are delivering the simple and fast online experiences today’s consumers desire from their financial institutions. However, many fraud detection solutions continue to undermine the customer experience, adding unnecessary friction in the quest to reduce account takeover, new account fraud, and social engineering attacks.
Say goodbye to fraudsters, and hello to BioCatch, the industry leader in behavioral biometrics solutions. BioCatch uniquely analyzes more than 2,000 physical and cognitive behavioral attributes to address various use cases in the digital lifecycle. Typically used for account takeover fraud detection, identity proofing and risk-based authentication, behavioral biometrics has become a key component for driving secure and seamless online experiences.
BioCatch was founded in 2011 as the pioneer in behavioral biometrics. Since then, we have taken off in so many ways, changing the face of the industry and in how identity fraud and authentication is managed. Here’s a quick look at some statistics on how we measure our success:
The fraud challenges currently facing global financial institutions are extensive. From detecting scams through to synthetic identities, fraud detection in banking requires innovative solutions to deal with complex problems. Unfortunately, most traditional authentication and fraud prevention solutions are aimed at solving a specific problem – is someone logging in from a known device or is the password entered the correct one? These one dimensional solutions leave blind spots for criminals to exploit, coming in the form of remote access attacks, social engineering and malware.