Customers expect digital experiences that are fast and frictionless. For fraud prevention professionals, providing a high level of security without creating friction during the customer experience is incredibly challenging.
Serpil Hall is the head of financial crime at Celebrus, a D4t4 Solutions and digital identity verification company. Here, she explores how behavioural biometrics data can help tackle fraud while ensuring a seamless customer experience.
Cyberthieves have become increasingly sophisticated with no signs of their nefarious actions slowing down. With major data breaches occurring daily, it is important for financial organisations to safeguard sensitive customer information before it is too late.
Globally, organisations are turning to actionable, real-time, first-party data in the fight against scams and fraud. Today’s complex scam and fraud cases require organisations to analyse user responses with incredible granularity from the moment they land on their website or native mobile app, and all subsequent engagements thereafter.
The move towards first-party fraud solutions connects the unique browsing behaviours in real-time, even if they visit from different sessions, over time, devices, channels, and/or IPs.
The collected behavioural interaction data is integrated into fraud decision engines and case management systems for in-depth analysis.
Behavioural biometrics data is an excellent choice for financial organisations when proving a digital user is the person they claim to be.
Preventing fraud with behavioural biometrics
Behavioural biometrics identifies measurable patterns in human activities.
In conjunction with a fingerprint, face, or iris (physical biometrics), behavioural biometrics looks at a person’s unique behaviours and actions across the digital landscape. Think of it as digital body language. Some types of behavioural biometrics include:
- Mouse dynamics (right or left-handed, speed and accuracy, duration of movements)
- Keystroke dynamics (speed, pressure, rhythm)
- Gestures (pinches, swipes, zooms)
- Eye tracking (uses cameras to track eye movement and where it focuses on the screen)
Today, more fraud prevention teams use a combination of behavioural biometrics and behavioural analytics as their preferred layered solution for confirming identity and detecting anomalies in user behaviour. These types of technologies can detect a sudden change in browsing behaviour, in typing speed or even a shift in how a person uses their mouse.
For complete fraud prevention, organisations need to use all available techniques and tools to prevent and detect fraud. Behavioural anomaly detection is important in identifying unusual patterns in transactions by comparing new transactions with historical data on hand.
Most of the actionable real-time data financial organisations use today is either incomplete or based on historical data; meaning the robots and models handling this data have a considerable number of flaws and biases in decision-making.
Without complete, transparent and real-time actionable behavioural data to accurately authenticate users, banks can be left with a partial view of their customers, leading to false positives, friction in the customer experience and inadequate fraud prevention decisions.
The best approach to keeping fraudsters at bay is a multi-layered fraud defence solution that combines traditional identity verification methods with advanced fraud detection. Technology that leverages real-time data capture, behavioural biometrics, as well as behavioural analytics is the best way to truly get ahead of evolving fraud and scams.
Celebrus
As a disruptive data technology platform, Celebrus is focused on improving the relationships between brands and consumers via better data. Celebrus redefines what digital identity verification means to power both next-level marketing and fraud prevention use cases.
Celebrus significantly amplifies digital banking and financial data to deliver revolutionary insight for marketing and data teams. It also automatically captures, contextualises, and activates consumer behavioural data in live time across all digital channels. Through the addition of behavioural biometrics and AI, Celebrus empowers brands to detect and prevent fraud before it occurs.
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