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Protecting High Net Worth Individuals Without Adding Friction

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OVERVIEW

A well-known global bank was evaluating new ways of strengthening authentication for their High-Net-Worth Individuals (HNWI) to protect their high value accounts. These accounts are under constant attack by sophisticated, targeted fraud attempts.

In evaluating behavioral biometric vendors, the bank selected BehavioSec, because of its accuracy and enterprise grade capabilities, to be deployed on-premise and to integrate with its existing security and risk management systems.

INDUSTRY

  • Wealth Management

ENVIRONMENT

Prestigious multinational bank providing advisory, investment products, and other services to high-net-worth clients around the world.

Problem

  • Existing systems caused high levels of False Rejections, proving expensive to the bank and burdensome to their clients.
  • The bank’s high value accounts attracted criminal networks capable of sophisticated multilayered attacks, keeping the
    banks’ authentication team under constant alert
  • The bank had recently upgraded their infrastructure and was unwilling to uproot their systems with a complete overhaul.

Solution

  • BehavioSec’s vendor independent solution empowered the existing system with Continuous Authentication, lowering False
    Rejections by more than 90%.
  • Behaviosec’s unique solution was able to detect behavioral discrepancies unnoticed by other systems, saving the bank millions in complex fraud losses.
  • BehavioSec’s solution was easily combined with existing infrastructure and improved both authentication and fraud
    capabilities. The layered nature of BehavioSec’s platform allowed the banks executive committee to future-proof their environment
    without major changes.

THE CHALLENGE – BEFORE BEHAVIOSEC

The bank’s corporate and wealth management clients were frequently targeted in sophisticated, multilayered fraud attacks. The complex business needs of HNWI clients made them very difficult to accurately authenticate using legacy systems alone. Global travel, complex foreign transactions, and extensive targeted fraud attempts forced the bank to maintain a high threshold when authenticating their clients. As a result, there were a high level of False Rejections, expensive manual verification calls, and additional taxing friction on their customers.

The bank searched for a solution to their complex authentication problem and started an evaluation process to see if any vendor could help solve their issues without interfering with their strict security and privacy rules.

THE SOLUTION – AFTER BEHAVIOSEC

BehavioSec was evaluated after being referred to the bank by a neighboring bank that had recently solved their authentication problems by adopting BehavioSec’s Continuous Authentication solution. BehavioSec excelled in the evaluation process by being the sole vendor capable of actually verifying human identities based on behavioral inputs alone. Additionally, BehavioSec’s solution was easily integrated into the existing on-premises authentication system, future-proofing the bank without uprooting the current infrastructure, while improving the system accuracy by over 90%.

Using BehavioSec’s zero-friction sensory signal the bank was also able to detect a complex socially engineered Remote Access Trojan (RAT) attack, saving the bank $3.5M in a single fraud attempt against an HNWI 4-eyes account previously thought impregnable to fraud.

SUMMARY

BehavioSec was the only system that was rated as viable from the purchasing process and by the bank Chief Technology Officer’s evaluation. BehavioSec’s short development cycles, combinability with other systems, and unique behavioral sensory abilities quickly proved its value during the evaluation process and allowed the bank to comfortably future-proof its authentication platform.

BehavioSec’s zero-friction signal has since become an integral part of this bank’s authentication and fraud infrastructure to support digital banking at scale, drastically reducing both False Rejections and fraud losses without adding friction to its HNWI clients’ user experience.