Banks seeking frictionless transactions: Multiple biometrics proposed

Batman said, it is not who I am but what I do that defines me; the same is the case with behavioral biometrics, which some are banking will be the next important biometric tool in preventing fraud. A recent white paper produced by Aite-Novarica for LexisNexis Risk Solutions explores behavioral biometrics as a passive, frictionless authentication option that requires no active input from the user beyond their normal interactions with an app or website.

The white paper starts from the premise that fraud is still a significant concern for executives who want to maintain customer trust at a time of high adoption. The pandemic resulted in many more people using person-to-person (P2P) payment platforms, but also brought a corresponding spike in consumer scams and fraud attempts. Established tools, such as third-party identity verification or credit bureau scoring, are increasingly vulnerable. As the white paper states, “digital acceleration has resulted in a surge in online enrollment in recent years resulting in a significantly expanded attack surface for fraudsters to exploit with an array of new threat vectors.”

In a banking context, behavioral biometrics provide multi-factor authentication without being invasive, explains the Aite-Novarica paper.

Customer experience a key factor in adopting trusted identities

Security and fraud prevention are paramount concerns for financial organizations. But for banks, a smooth customer experience is also a significant factor in establishing the trust that leads to engagement — and that people expect from their bank. HID Global has produced a report on how trusted identities supported by biometric data can prevent fraud and provide a seamless experience for customers.

With a high priority on customer trust, behavioral biometrics, combined with the physical biometric safeguards of a fingerprint or facial scan, could play a big role in bringing security and confidence up, while asking less of people. To quote the HID report, the goal for banks is to reach a point where “the level of trust is strong enough that a user doesn’t even need to bring a card to ATMs or bank branches — they just need to be themselves.”

Article Topics

banking  |  biometric authentication  |  biometrics  |  fraud prevention  |  HID  |  LexisNexis