BioCatch updates behavioral biometrics platform with proactive risk notifications
The global market for behavioral biometrics will grow at a spectacular 21.3 percent compound annual growth rate from 2021 to 2026 as organizations implement layered approaches to cybersecurity, according to a new report from Mordor Intelligence.
The 125-page ‘Behavioral Biometrics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)’ breaks down the market according to key market trends, regional market share, and competitive landscape. Increasing data breaches and regulations like PSD2 are expected to continue to contribute to the market’s growth.
Mordor suggests that extracting behavioral biometric information from voice, such as through digital personal assistants, could emerge as a significant trend in the modality. Major vendors are investing in research and development to gain a competitive edge, the report says, and introducing new features.
BioCatch adds proactive risk notifications to behavioral biometrics platform
BioCatch has added proactive risk notifications to its behavioral biometrics platform that the company says detect and deliver notification of high-risk situations in real-time to enable immediate action.
By continuously analyzing the behavioral biometrics of the user throughout a digital session, rather than at individual points in the process, BioCatch allows its customers to define acceptable risk levels and receive alerts during sessions via Push API, according to the announcement. They can then access real-time risk insights and implement extra security layers for adaptive risk management with an enhanced user experience, the company says.
Cybercriminals frequently begin the process of defrauding digital bank accounts by logging in to sessions to confirm that they can and verify sufficient funds to make account takeover worthwhile, BioCatch explains. This anomalous behavior can be detected, and additional restrictions put in place to protect the account.
Financial organizations’ losses to fraud increased 20 percent from 2019 to 2020, according to FBI stats, highlighting the rapid growth of fraud risk.
“With real-time continuous protection, BioCatch provides behavior monitoring before, during, and after the cybercriminal is online. Leveraging behavioral biometrics at each stage allows us to protect banks and other financial institutions from massive financial losses, augmenting their significant investment in cybersecurity,” said Gadi Mazor, Chief Operating Officer and Israel General Manager. “At BioCatch, we take great pride in regularly introducing new capabilities that provide our customers with the most innovative solutions to combat cybercrime and stop fraud before it occurs.”
PayPal introduces advanced fraud service with behavioral analytics
The new Fraud Protection Advanced service being rolled out by PayPal to help mid-sized businesses and enterprises fight online payments fraud includes behavioral biometrics, along with device fingerprinting and machine learning.
The service promises adaptive risk management to reduced friction for legitimate users, in addition to fraud prevention benefits. It draws on the billions of transactions PayPal processes each year, and the mountain of data they have created. Merchants could see lower chargebacks and operational costs, the online payments giant suggests.
PayPal customers using the service will get custom filters and filter simulation, along with white-listing and case management capabilities.