This post was originally published on Finextra (Security)
What are the latest innovations in behavioural biometrics today?
How are the various regulatory blocs working alongside behavioural biometrics?
Behavioural biometrics can both contribute to existing detection capabilities and as well as enhance the overall fraud prevention strategy. How can behavioural biometrics best be incorporated into fraud strategies?
The financial services industry is facing an unprecedented level of threat from fraudsters. In 2023 alone, the total cost of fraud was estimated by SWIFT to be almost $500 billion.
As the complexity of attacks rises, so too must the means of defence. One of the freshest and most promising innovations in this area are behavioural biometrics, which measure and distinguish patterns in the behaviour of true device users. In proof-of-concepts, this tactic has proven highly effective in separating out genuine activity from that which is fraudulent.
However, in practice, behavioural biometrics can be a bloated, noisy solution. Certainly, it cannot be thought of as a stand-alone answer to fraud – but rather, one part of a composite, holistic signal. In order to be both effective and compliant across jurisdictions, behavioural biometrics demands serious thought around implementation and deployment. Only then can it augment and super-charge an organisation’s
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