SecuredTouch honored for behavioral biometric fraud prevention at 2020 LSA event
Behavioral biometrics from SecuredTouch for advanced fraud detection has won the Best Product award at the 2020 LSA (Loyalty Security Association) Lion’s Den event, which concluded the association’s Spring conference.
The Lion’s Den is a conference audience favorite, according to the announcement, and consists of companies pitching a panel of judges in just five minutes on a new product, service, or idea to make Loyalty Programs secure. The SecuredTouch product was presented alongside Riskified, PerimeterX, and HooYu.
The event was hosted by LSA CEO Chris Staab, with executives from World of Hyatt, International Airlines Group, Wyndham Rewards, and Head for Points judging. SecureTouch Account Executive Lewis Duker took on the role of fraudster in an interactive role-playing narrative in which he took over a loyalty account from Staab, who posed as the legitimate user.
Following the narrative, the power of behavioral biometrics to address the pain points of loyalty fraud prevention teams was shown, and the complete overview of the customer journey for fraud detection provided by the approach was demonstrated.
The application of fraud prevention in business models that do not involve a traditional payment gateway was highly interesting to the audience, SecuredTouch says. The judges were impressed by the product’s flexibility, identifying real customers even in challenging scenarios in which they appear to be fraudulent actors, according to the announcement.
“We were impressed with the different behavioral elements for early detection during the fraud journey and how the product doesn’t collect user data,” the judges commented. “It’s a well-rounded tool that addresses all our needs.”