BehavioSec touts European Banking Authority approval of behavioral biometrics for PSD2
The European Banking Authority (EBA) has confirmed that behavioral biometrics in a proven technology for enhanced authentication and is appropriate for payment systems in compliance with Payment Services Directive 2 (PSD2), according to an announcement from BehavioSec.
Two factors from two different categories are necessary for strong customer authentication (SCA) under PSD2. Behavioural biometrics meets the standard for an authentication factor in the “inherence” category, and recognition as such by the EBA provides important guidance to payment stakeholders including banks, fintech companies, and consumers, according to the announcement.
BehavioSec says the accuracy, availability, continuous authentication, and measurable cost savings provided by its technology are among its advantages for businesses with PSD2 and other requirements.
“Every customer and business handling online payments faces mounting threats of fraud and abuse because log-in credentials are widely breached and it is trivial for bots and other malicious programs to impersonate account holders’ names and devices,” explains BehavioSec CEO Neil Costigan.
“Behavioral biometrics breaks this cycle by giving institutions and payment firms the ability to block log-in attempts that deviate from known users’ behaviors. BehavioSec’s ability and experience offering Behavioral Biometrics as a Service (BBaaS) offers all payments stakeholders an immediate, proven software platform adding powerful behavioral biometric defenses to Web portals and mobile apps anywhere payments are made. We expect our support of PSD2 to accelerate new payments models benefiting businesses and consumers – because trust is the greatest catalyst for commerce.”
BehavioSec’s BehavioSense solution was recently integrated with Kount’s fraud prevention platform. The company also picked up $17.5 million in funding early in the year, which it plans to use to expand its global operations.
BioCatch also pitched behavioral biometrics as the ideal second factor for PSD2 last month because of its potential for continuous authentication.