Advanced Behavioural Biometrics Supports Safe and Low-Friction Experiences
Companies offering online services work continuously to keep bad actors out and let legitimate customers in. The easy answer is to add more security measures, but undue friction negatively impacts user experience. Some customers may abandon transactions rather than prove their legitimacy.
Balancing fraud risk with a positive, online experience is paramount. Consumers value security and a convenient process.
Many traditional identity verification and authentication strategies lack the capacity to address the nuances of digital commerce journeys and the complex nature of digital threat vectors. Even digitally driven fraud prevention tools can add customer barriers, or be intercepted and corrupted by fraudsters.
Organisations need a more dynamic view of customer identities and transaction risk via multi-dimensional digital, physical and behavioural identity context. The ability to passively verify identities and authenticate trusted customers while maintaining a risk-appropriate level of friction helps keep digital transactions in efficient motion. Behavioural biometrics can play an integral role in facilitating these low-friction journeys, working in the background of digital events without any additional inputs required from the customer as they interact online.
The Many Challenges of Fraud
Expanding digital economies are creating exponential opportunities for fraud. Data from the LexisNexis® Digital Identity Network®
reveals a rise in global digital transaction volume of 37% YOY to 39.4B transactions from January to June 2022. Human-initiated attacks have increased in frequency 32% over the past year, and high-velocity automated bot attacks grew by 38% YOY across industries globally.
In a highly competitive digital environment, companies are prioritising digital processes to reduce the amount of information they request directly from customers, knowing that complex authentication steps may cause transaction failure or abandonment. Without proper identity verification or authentication steps, fraudsters jump in and seize the opportunity to open accounts and act fast with money transfers and other fraud.
Most fraud prevention methods detect attacks by searching only for potentially harmful anomalies. If an authentic user does anything unusual – such as logging in from a new location or using a new device – the action may be flagged as an anomaly and trigger a false positive.
With organisations using multiple layers of anomaly focused identity verification and authentication tools to minimise fraud, anomalies abound. As a result, organisations must contend with an overload of false positives, which require costly manual reviews that cause delays and contribute to a negative customer experience.
As fraud detection solutions get more advanced and harder to breach, end consumers have become the perfect vector for fraud networks to manipulate and monetise. A dramatic global rise in various forms of scams and social engineering continues to concern not only financial services companies but businesses across multiple industries.
Organisations are also grappling with fraudsters who know the weaknesses of common fraud prevention solutions and expertly understand how to evade these systems. They are adept at social engineering, man-in-the-browser, malware, remote access tools and other techniques to bypass or manipulate device and location checks. Balancing false positives, security and user experience continues to challenge organisations of all sizes.
A Complementary Layer to Identity Trust and Fraud Prevention
Layering defence solutions is the key to protect against the full spectrum of attacks as fraud attacks are becoming more sophisticated than ever before.
Device intelligence, digital identity insights and smart authentication solutions can benefit from the extra layer of fortification delivered by behavioural biometrics to access deeper intelligence on the full context surrounding a digital transaction. Behavioural biometrics provides an additional layer of defence to risk assessment without creating a negative user experience, minimising false positives, increasing trust and reducing fraud risk.
The combination of behavioural biometrics and digital identity intelligence creates a new shade in the spectrum of identity; helping businesses confidently differentiate between fraudster and legitimate customer, humans and bots.
Deploy a Silent Superpower Solution With Leading Behavioural Biometrics
has a self-learning fraud prevention approach that mitigates risk now and in the future—offering continuous protection at each interaction across the customer journey.