Adaptive behavioral biometrics introduced by Featurespace to prevent onboarding fraud
Risk prevention company Featurespace introduced Adaptive Behavioral Biometrics to its ARIC Fraud Hub to detect and prevent fraud during customer onboarding and digital sessions with behavioral data collected in-session.
In an announcement from Money 20/20 Europe, the company says the lack of historical information to determine the legitimacy of a new applicant makes digital customer onboarding a significant challenge for banks, which are also bombarded with malware, and attacks such as account takeovers, man-in-the-middle, and phishing.
The company’s ARIC platform is real-time machine learning software that provides risk scoring.
Featurespace’s models continue to learn from each interaction to produce what the company describes as a unique sessions fingerprint, which indicates usual and unusual behavior, and provides fraud analysts with a visual profile that can even detect phishing and malware activity originating with genuine users, according to the announcement.
“We’re attuned to the evolution of fraud and leverage our market-leading models and technology to continue to deliver the latest and most advanced fraud prevention and detection tools,” comments Featurespace CEO Martina King. “There has never been a more important time to support our customers in their drive to prevent fraud loss and reduce customer friction.”
Allied Market Research expects the global market for behavioral biometrics to be worth nearly $4 billion by 2025.