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Verifying Digital Identities Beyond One Time Passwords

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OVERVIEW

A Global 2000 bank was evaluating new methods of authentication for their digital clients to protect accounts under constant attack by malware and fraudsters.

In evaluating behavior biometric vendors, they selected BehavioSec, for its enterprise grade capabilities to be deployed on-premise and integrate with existing legacy risk management systems.

Industry

  • Financial Services
  • Online Banking

 

Environment

Digital banking platform supporting millions of digital identities and billions of transactions

Problem

  • Active online fraud attacks on customer accounts
  • One time tokens adversely impacted customer satisfaction
  • Outbound customer calls required to verify identity

Solution

  • Detected online fraud attacks in real-time
  • Transparently authenticated and verified digital identities
  • Cut manual verification calls by more than 84%

THE CHALLENGE – BEFORE BEHAVIOSEC

Digital fraud attempts were on the considerable rise by malware, like Remote Access Tools (RATs) and criminals obtaining stolen login credentials. Current authentication and anti-fraud risk engine tools did not provide enough visibility to lower costly outbound calls to verify digital identities. Additional methods, such as one-time tokens were issued to verify digital identity, but these new methods were having an adverse impact on customer satisfaction, as it introduced further friction to the digital experience. Additional tools for verifying digital identities were needed and an array of vendors delivering Behavioral Biometrics were evaluated.

 

THE SOLUTION – AFTER BEHAVIOSEC

BehavioSec’s Behavioral Biometrics software platform was selected to help detect fraudulent activity in realtime. The software outperformed all vendors in the market because it contained enterprise-grade features that are required to integrate into existing fraud response workflows. BehavioSec’s software also supported mobile and web apps at scale to effectively and accurately support billions of transactions. Our software platform exceeded key security requirements for false positives, enabling the bank to reduce their outgoing verification calls by more than 84%. The app dev team was able to easily integrate BehavioSec’s continuous authentication capabilities into existing apps without negatively impacting app performance or the user experience.

 

SUMMARY

BehavioSec’s Behavioral Biometrics software platform has become an integral part of this bank’s security and anti-fraud tech stack to support digital banking at scale, drastically reducing both account takeovers and malware attacks. The additional user behavior telemetry harnessed with key apps has proven to be a highly effective way to deliver continuous authentication without impacting the digital user experience. Manual verification by the bank’s call centers has been drastically reduced through the adoption of BehavioSec’s software and the resulting cost savings easily justified partnering with BehavioSec.