The way individuals interact with websites and their mobile devices is completely unique. As someone interacts with a mobile app or website, specific data such as how they use their devices, navigate webpages, and type in information creates a behavioral profile as unique as the individual themselves. What if businesses could harness this information to verify users’ identities by looking at how people enter information instead of what they enter? By using an emerging cybersecurity technology such as behavioral biometrics, financial institutions which are frequently the target of fraud and facing a 29% increase in data breaches since 2016,i would stand to gain tremendously.
The responsibility of verifying and protecting customers in the face of constantly evolving cyberthreats is one of the harsh realities financial institutions must confront. While the challenges are intimidating, breakthrough technology now offers transformative solutions. Behavioral biometrics is enabling institutions to tap into the way users interact with devices and enter information to verify the identity of their users. Leading financial institutions around the world are already leveraging behavioral biometrics to significant effect. One leading U.K. bank implemented a behavioral biometrics solution from BioCatch across its different brands that increased security, enabled a frictionless customer experience, and streamlined operations.
A legacy of innovation and impeccable customer service
One of the top U.K. banks, which offers personal and business banking, private banking, and corporate finance services, has always placed the highest value on taking care of customers. They knew that in an increasingly digital economy, they must utilize the best emerging cybersecurity technology to keep customers’ assets secure.
In the second quarter of 2017 alone, financial institutions saw account takeovers grow by 45%,ii with 100% of fraud coming from authenticated user sessions.iii With the frequency and sophistication of cyberthreats targeting banks increasing, the bank knew they had to go above and beyond the current security standard in order to maintain the trust, respect, and value of their customers and shareholders. To best serve its customers, the financial institution sought a solution that would drastically improve security while maintaining its excellent standard of customer service.
Powerful security, powerful results
This leading U.K. bank teamed up with BioCatch to fight fraud with behavioral biometrics. The BioCatch solution, built on Microsoft Cloud technology, offered the bank over 2,000 patented behavioral parameters to protect their customers—validating user identity with factors that cannot be imitated or stolen by fraudsters, hackers, bots, or other malicious parties. Even better, the BioCatch solution runs behind the scenes without impacting the customer experience, enabling them to maintain their high standard of customer service.
The financial institution found that implementing the BioCatch solution was straightforward, and it easily integrated into their digital channels. The bank started with digital channels before moving on to large value transactions—such as corporate and private banking—and then finally their retail banking space.
They saw results immediately upon implementing the BioCatch solution. Using BioCatch’s patented technology to build behavioral profiles enabled the bank to instantaneously spot and stop fraudulent activity in real-time. Legitimate transactions are continuously validated throughout the user session from login to logout while fraudulent activity is blocked in real-time. BioCatch enabled the bank to automate fraud detection, streamlining vast swaths of security operations. By utilizing BioCatch, the bank stops new and more sophisticated types of fraud that it may have missed with legacy security systems.
After seeing what the solution has done for them, a representative from the bank said that behavioral biometric system measurements should be a key part of keeping customers’ data safe and secure across the financial industry.
You too can get started today
Although cybersecurity is a constantly evolving challenge that financial institutions must face, behavioral biometrics offer financial institutions a transformative solution to increase security while providing an excellent customer experience.
This bank is just one example of the positive impact that BioCatch is having on financial institutions across the world. One top five Brazilian bank saves $24 million annually from fraud reduction with the BioCatch solution, while another major bank in the U.K. bank now leverages BioCatch for 80% of online payments, dramatically reducing escalation costs from text and call-center verifications.
BioCatch, built on Microsoft Cloud technology, makes it possible for financial institutions to protect their customer data while maintaining a high standard of service.
Visit Microsoft AppSource and try the solution today.
i Breach Level Index, 2017
ii Pymnts.com, 2017
iii BioCatch.com, 2017