Consumer trust loss could be behavioral biometrics’ gain, Callsign survey shows
The behavioral biometrics market will surge to $9 Billion by 2031 on a 20 percent compound annual growth rate, according to an insights report by Fact.MR released just as a survey indicates legacy authentication methods may be contributing to the erosion of consumer trust.
Behavioral biometric technologies evaluate a user’s interaction with a device like mouse activity, keystroke movement, and device movement. Analytical techniques are used to discriminate between a legitimate user and a cybercriminal based on these unique patterns. The report notes that behavioral biometrics are currently used by financial institutions, businesses, and government facilities for payments, online banking, and secure authentication.
The difficulty of spoofing behavioral biometrics is seen as an advantage of the technology over physical biometrics by some proponents.
A senior research analyst with Fact.MR suggested that increased Internet of Things and cloud computing adoption will increase the opportunities available to behavioral biometrics providers.
With an increased uptake and demand for more secure and passwordless services, behavioral biometrics are predicted to be driven by market growth particularly in fraud prevention and detection for financial services, consumer applications, and government applications. Behavioral biometrics software therefore is predicted to reach $5 billion in the same period.
Organizations are facing a difficult environment for consumer trust, according to a new survey from Callsign.
A deluge of scam messages to consumers purporting to be from a service provider they use has led to more than half of survey respondents (52 percent) saying they lose trust in a company whenever they receive a scam message claiming to be from that organization. Only 8 percent of consumers consider SMS to be a safe method of interaction, which Callsign says is due the use of the same channels for authentication as fraudsters are using to try and snare victims.
More than four out of five consumers around the world have received a fraudulent message, and more than half of those in the Asia-Pacific region report having been scammed through SMS at some point in their lives.
Callsign’s approach to restoring digital trust is based on layering behavioral biometrics over threat detection, device, and location data to reduce fraudulent activity.
“It’s time to rethink fraud prevention strategies,” says Stuart Dobbie, SVP, Innovation at Callsign. “Identifying genuine users through their behaviors will allow us to identify users online and re-establish digital trust.”