Biometric technology is becoming increasingly used in the payments and commerce space, and with its ability to play a role in possibly reducing fraud, it's likely to continue gaining popularity.
BioCatch, a behavioral biometrics company, announced Friday (March 6) that it had launched a new account fraud detection solution aimed at helping the retail banking, e-commerce and payments sectors address how they can catch fraud for new bank or user accounts on its network. BioCatch's new solution is aimed at using its behavioral biometrics technology to flag and catch fraudulent behavior in real-time as the hackers enter the account or steal any funds or information.
Because of how fast a cybercriminal can act, BioCatch believes it to be critical to be able to provide the real-time technology in order to be more proactive in preventing data account hacks. This means catching the breach the minute the data has been breached, the company said. The technology used today allows for BioCatch to map behavioral patterns in its users so it can differentiate between actual users and hackers. When an attack occurs, the technology is used to send an immediate alert when the Bot activity is discovered. According to the company, BioCatch can also "differentiate between normal and anomalous behaviors by analyzing input familiarity, application fluency, user expertise and robotic-behavior detection."
“In today’s cybersecurity environment, it’s crucial that financial services institutions have the most advanced protection allowing them to combat the increasingly sophisticated attacks we are seeing,” Oren Kedem, VP Products at BioCatch, said in a company news release. “This is exactly the reason we have zeroed in on using behavioral biometric authentication to identify threats such as malware and new account fraud.”