As mobile devices eclipse computers and laptops as the preferred method for consuming online services, cybercriminals have followed users, porting their modus operandi. While mobile has opened up new ways for users to communicate and connect without being tied to a desk or a power outlet, it has also presented criminals with more opportunities to perpetrate fraud and carry out attacks that bypass traditional detection tools. As a result, companies need to apply new fraud controls to protect mobile users and enable them to carry out banking activities securely. Nevertheless, end user experience cannot be negatively impacted by these security measures: Users want to open and use apps freely, without being required to take additional authentication steps. They also expect to be protected continuously, throughout their entire journey.
As mobile banking becomes more common, is there a way for organizations to provide users with a frictionless experience while ensuring top security? How can financial institutions protect their customers from identity theft and fraud?
The BioCatch Behavioral Biometrics platform provides continuous protection of mobile application and browser sessions and detects account opening and account takeover attack methods such as remote access tools, Bots, malware, social engineering scams, and mobile emulators. BioCatch delivers behavioral biometrics by analyzing a user’s physical and cognitive digital behavior to distinguish between genuine users and cybercriminals in order to detect fraud and identity theft. Furthermore, the technology is invisible to users, allowing financial institutions to immediately detect fradulent activity while providing the kind of experience that users have come to expect in the mobile era.