Stopping Fraud at the Source
Today's identity proofing processes rely on database searches using information that is entered into an online application to initiate a new insurance policy, open a bank account or register with an e-commerce site. However, with significant amounts of personal data available on the dark web and the growing threat of social engineering, traditional fraud prevention techniques fall short and credentials end up in the wrong hands. In fact, according to Javelin, there were more than 1.5 million new account fraud victims that accounted for losses of $2.8 billion. This number increased by 40 percent in 2016 and shows no signs of abating.
BioCatch behavioral biometrics offers a new dimension to fighting this type of crime. The system distinguishes between a real user and an impostor by recognizing normal user behavior and fraudster behaviors, even when no profile exists. Understanding how criminals behave online, the BioCatch Identity Proofing Module looks at 3 elements to generate a risk score:
Application Fluency: Most fraudsters use compromised or synthetic identities to repeatedly attack a site. These actions show a fluency with the site and the process used to open a new account.
Navigational Fluency: Fraudsters often use advanced computer skills that are rarely seen among real users. Common examples include keyboard shortcuts and function keys.
Low Data Familiarity: Fraudsters exhibit several behavioral traits when they enter in unfamiliar data.
The technology works passively in the background to recognize human behaviors, leading more applications completed and more accurate results.
EffectiveWith stolen personal credentials proliferating on the internet, behavioral biometrics provides a unique dimension in fighting fraud.
Raising awareness of criminal behavior at the application stage stops fraud in its tracks and prevents downstream risks.