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.
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.
Fraud in the digital age is only becoming more complex, and methods for fraud detection have to keep pace. In this Q&A, get to know Julia Kogan, a strategic account manager at BioCatch. Her diverse background in cybersecurity and daily interaction with BioCatch clients gives her a unique perspective into the challenges organizations face in stopping sophisticated fraudsters from compromising companies and customers. Keep reading to learn what it means to work in strategic account management on the cutting-edge of behavioral biometrics.