The report “Biometrics: A New Wrinkle Changes the Authentication Landscape” predicts that behavioral biometrics will have a major impact on all authentication solutions providers. This article in Markets Insider indicates that behavioral biometrics are now integrated into the LexisNexis Risk Defense Platform which will help mitigate account takeovers by recognizing users by how they interact with the website.
“LexisNexis® Risk Solutions, a part of RELX Group, and BioCatch, the behavioral biometrics industry leader, announced today that they are working together to help companies in all industries bolster efforts to stymie fraud scenarios, like application fraud, a rapidly-growing issue. According to the LexisNexis Risk Solutions card issuer fraud study, application and account takeover fraud represents 40 percent of total fraud losses.
‘Application fraud is a growing threat that cannot be addressed with static means,’ said Paul Bjerke, vice president, fraud and identity management, LexisNexis Risk Solutions.’”In light of the vast array of data breaches over the past few years, supplementing applicant-provided data with additional dynamic data sources, like behavioral biometrics, is key to addressing application fraud and account takeover.’
As a result of this new relationship, companies will receive additional risk scores through the LexisNexis® Risk Defense Platform that expand on the data typically provided by the customer (which can be compromised) by analyzing how the user behaves (which is innate). During the application process, this solution monitors behavior and is able to discern between a real user and an impostor. This approach is achieved by recognizing normal user behavior and fraudster behavior, which includes Application Fluency, how well a user knows the site; Navigational Fluency, how well a user knows various computer functions, and Data Familiarity, how well a user knows the information they are entering. ”
Mercator recommends that every FI protect its online resources using behavioral biometrics, but the impact of behavioral will go far beyond that. It is already being investigated by the CIO of the Defense Department as technology that can replace the Common Access Card. Mercator also expects the technology to show up as a critical authentication solution in mobile devices in the next four to six years.
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
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