FB pixel

TypingDNA and buguroo each present behavioral biometrics advantages for banks

Biometrics in financial services to be worth $10.8B by 2025
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

 |   |   |   |   |   |   |   |   | 

Latest Biometrics News

 

Financial firms beef up fraud prevention with biometrics and FIDO standards

Globally, financial companies are moving to strengthen their digital security and identity protocols, leveraging biometrics, FIDO standards and cryptography to…

 

Building trust in the age of digital identity: why cyber resilience must come first

By Nathalie Gosset, VP Identity and Biometric Solutions at Thales Trust is the invisible infrastructure of the digital world. Without…

 

Biometric ticketing, IDV sweeps across Brazilian stadiums under mandate

Brazil has mandated face biometrics for use in large stadiums, a landmark move for the widespread implementation of the technology….

 

China’s supreme court releases facial recognition violation cases in crackdown

China’s highest court has upheld the need for stronger protection of personal information, emphasizing to judges the need to maintain…

 

Privacy doesn’t have to cost us great online services

By Andrew Black, Managing Director ConnectID and Sujeet Rana, Chief Digital Officer NAB For years, we accepted an implicit trade-off…

 

Alan Turing Institute reveals digital identity and DPI risks in Cyber Threats Observatory Workshop

Digital identity systems are showing growing vulnerabilities with commensurate risks for the development of DPI. The Alan Turing Institute launched…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events