TypingDNA and buguroo each present behavioral biometrics advantages for banks
The global market for biometrics in banking and financial services will be worth $10.8 billion by 2025, backed by increasing investment in anti-fraud fintech solutions from venture capital, Global Industry Analysts forecasts.
The 326-page ‘Biometrics for Banking and Financial Services – Global Market Trajectory & Analytics’ report suggests that behavioral biometrics are being explored for new account fraud reduction, while voice recognition, iris scanning, fingerprint, and facial recognition are being adopted to secure authentication and reduce reliance on passwords.
The technology is expected to be used increasingly in ATMs, internet banking, mobile banking and in-branch identification.
BBVA deploys TypingDNA biometrics
The Mexican subsidiary of banking giant BBVA has integrated behavioral biometrics from TypingDNA to support the authentication of users to mobile apps and prevent fraud.
In a case study, TypingDNA says its typing biometrics are used as a second authentication factor by BBVA, which holds roughly 20 percent of the domestic financial services market, to provide passive risk scoring and flag suspicious activity in a way the provides high accuracy without compromising the user experience.
Enhanced fraud prevention has become a widespread necessity, TypingDNA argues, saying phishing scams resulted in $17,700 in losses per minute in 2019.
TypingDNA participated in BBVA’s Open Innovation program, and began collaborating with the bank on a proof of concept. It is the first platform of its kind developed by BBVA specifically to help streamline interactions with the external fintech ecosystem, according to the case study.
buguroo white paper argues against “clustered” behavioral biometrics
Behavioral biometrics, deployed in the right way, give banks an unprecedented opportunity to hold a technology advantage over fraudsters, buguroo argues in a new white paper.
Fraud tends to increase dramatically during major recessions, according to ‘A Brief History of Banking Fraud: Why Financial Firms Need Biometric Profiling,’ which presents a historical view of the back-and-forth between criminals attempting fraud and cybersecurity professionals over the past two decades.
Phishing has evolved since the early 2000’s to the point that 65 percent of attackers used spear phishing as the primary infection vector in 2019, while a wave of new and increasingly sophisticated cyber-attack techniques have grown up around it, such as synthetic identity fraud. The clustered approach of what buguroo calls ‘next-gen’ behavioral biometrics will not be sufficient to defeat these methods, according to the white paper. The granularity of individualized behavior provides the greatest fraud detection accuracy, the company says.
The company suggests its BionicID, which uses threat intelligence, a next-generation malware inspector, a device profiler, network intelligence, behavioral analytics and behavioral biometrics, can deliver major fraud savings without impacting customer experience.
Article Topics
authentication | banking | behavioral biometrics | biometric identification | biometrics | buguroo | fintech | fraud prevention | market report | TypingDNA
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