Behavioral Biometrics in a P2P World

In recent years, Peer to Peer payments have shown a significant increase, passing the $120 billion mark (2017). Currently, one in three American consumers uses P2P apps to make instant payments to friends, relatives, service providers, or anyone they owe money. Since P2P account opening does not require identity verification, it is vulnerable to various types of fraud and threats including malware, social engineering, remote access, SIM swapping, call forwarding and other techniques. Using these techniques, the fraudsters are able to exploit two main points of failure:

  • Access to Account: To enable P2P payments, banks provide access to payment accounts on the condition that the P2P provider has received permission from the bank customer to whom the account belongs.
  • Authentication: Improving the security of direct payments requires strong customer authentication. To ease the customer journey, many P2P providers rely on device or knowledge information, and may only require a reauthentication in certain circumstances (a new location, or device is detected, or a new payment method is added).

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