Behavioral Biometrics for Digital Banking: Tackling Fraud and Friction to Enable a Stellar User Experience

Digital transformation in banking and retail is rapidly evolving. In this fast-moving environment, where finance and fraud intersect, there are several ramifications for financial institutions and the user experience.

The equation is quite simple: where there is money, there is fraud. As the use of mobile banking grows, so do the threats of hacks, malware and other remote attacks. Traditional means of detecting fraud can make considerable time and resources, sometimes taking weeks to detect or to confirm an incident.

In the digital world - whether mobile payments, e-commerce or online banking – this is much too long. Transactions happen quickly, and any delay can have significant repercussions, both from a consumer confidence perspective and a cost perspective. In the digital world, it seems there is always a choice to make between security and the user experience.

BioCatch delivers behavioral biometrics, analyzing human-device interactions to protect users and data. In the digital world, the use of this technology allows for passive, continuous authentication, generating actionable risk scores that are used to prevent fraud in real-time. BioCatch is frictionless, requiring no additional thirdparty messaging or any other extra steps for a user to verify their identity. The system picks up the way a user naturally interacts with a device or with an application to create a user profile, and detects the difference between an authorized user and an imposter, whether it is an unauthorized human user, or some malware, bot or aggregator.