BioCatch is once again highlighting the advantages of behavioral biometrics in a new blog post that details two case studies in which the BioCatch platform was used to stop more complex forms of fraud. In the post, the company notes that many anti-fraud solutions protect a single access point, either with a password or a device-based security key. That leaves them vulnerable to social engineering and remote access attacks that manage to get through that gateway. Behavioral biometrics solves that problem with continuous authentication.
One of the case studies involves a top-five bank in the US, while the other concerns a similarly prominent bank in the UK.
In the former, the bank was looking to bolster its security offerings ahead of the transition to Faster Payments, fearing that it wouldn’t be able to keep pace with fraudsters with a prevention solution that could only identify known threats. After deploying the BioCatch platform, the bank was able to spot 95 percent of malware attacks with a very low (0.05 percent) false positive rate. Based on a behavioral analysis, the bank also learned that credential sharing was far more common than they realized.
In the second instance, the bank deployed BioCatch to fight against a sustained cyberattack that was sophisticated enough to defeat conventional security methods, including fingerprint authentication. By monitoring user behavior – even seemingly innocuous details like the use of a scroll bar – Biocatch was able to flag anomalies and alert the bank to fraudulent transactions that slipped past other security protocols, including one £1.6 million attempt. In total, it caught 81 percent of fraud and brought back a 23x return on investment during the trial period alone.
All told, the post offers more examples of the utility of behavioral biometrics, and demonstrates why the technology is so promising for financial institutions looking to combat the growing threat of fraud.
(Originally posted on FindBiometrics)