The European Banking Authority confirms behavioral biometrics as a proven technology delivering enhanced authentication and anti-fraud measures for payment service providers. Widely deployed across global banks, BehavioSec’s behavioral biometrics platform keeps customers prepared for PSD2 mandates and business opportunities.
Stockholm/München – July 17, 2018
BehavioSec, the first vendor to pioneer behavioral biometrics, today announced that its software platform deployed across major banks, retailers and other customers, offers a trusted additive authentication factor for securing payment transactions, as required under the European Union’s new Payment Services Directive 2 (PSD2) regulations poised to reshape financial services and the global payments industry, given the EU’s size and influence.
The PSD2 stipulates that payment service providers must ensure strong customer authentication (SCA), which comprises at least two factors from two different categories – “knowledge” (e.g. password), “possession” (e.g. smartphone) and “inherence” (e.g. unique attributes of an individual’s behavior, like patterns in how users hold their mobile devices and interface with Web sites and browsers). Behavioral biometrics is an ideal technology for PSD2 compliance because it combines inherence with traditional log-in credentials, offering dramatically enhanced defenses from account hijacking and fraud. The European Banking Authority’s (EBA) nod to behavioral biometrics for PSD2 offers important guidance to affected banks, fintech companies, consumers and other payment stakeholders.
“Every customer and business handling online payments faces mounting threats of fraud and abuse because log-in credentials are widely breached and it is trivial for bots and other malicious programs to impersonate account holders’ names and devices,” explained BehavioSec CEO Neil Costigan. “Behavioral biometrics breaks this cycle by giving institutions and payment firms the ability to block log-in attempts that deviate from known users’ behaviors. BehavioSec’s ability and experience offering Behavioral Biometrics as a Service (BBaaS) offers all payments stakeholders an immediate, proven software platform adding powerful behavioral biometric defenses to Web portals and mobile apps anywhere payments are made. We expect our support of PSD2 to accelerate new payments models benefiting businesses and consumers – because trust is the greatest catalyst for commerce.”
Customers benefit from specific BehavioSec advantages supporting PSD2 and other requirements:
Accuracy: BehavioSec’s behavioral biometrics platform has proven itself to yield low false positives alerts and deliver detailed information for real-time fraud detection and forensic purposes.
Availability: BehavioSec’s platform can be deployed on-premise or in the cloud by the enterprise, giving customers unmatched flexibility and control over end user privacy.
Continuous authentication: Unlike physical tokens only authenticate users once, at log-in, behavioral biometrics continuously study behaviors to spot any subsequent, suspect activity. This is crucial for defeating remote access Trojans (RATs), bots, man-in-the-browser (MITB) and many other types of “past gateway” attacks.
Proven value: BehavioSec customers discover measurable cost savings from lower fraud incidences, coupled with fewer customer support calls and false positive issues associated with traditional authentication tools across billions of transactions and continuously verifying millions of users.
BehavioSec uses behavioral biometric analysis to continuously validate unique human identities and activities in transparent fashion without burdening the end user. By analyzing the time, location, cursor and touchscreen inputs and other vast attributes of every log-in session, BehavioSec’s BBaaS platform lets customers block suspicious log-ins or assign them higher risk scores triggering additional security measures. Because BehavioSec’s platform can quickly be added to existing apps and services, developers and businesses of all sizes can seamlessly add these anti-fraud safeguards to mitigate risk and further link security and trust to their brands.
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BehavioSec is the first vendor to pioneer behavioral biometrics. The company’s Behavioral Biometrics as a Service (BBaaS) platform is widely deployed across Global 2000 companies for its proven ability to dramatically reduce account fraud and data theft. Founded in 2008 out of groundbreaking academic research, BehavioSec technology allows companies, to continuously verify digital identities with superior precision, in real-time. Strengthened with the leadership of serial entrepreneurs and experienced industry professionals, the BehavioSec team now spans the world, providing security while preserving a rich digital experience throughout web and mobile apps. BehavioSec is the only enterprise-grade vendor used in global deployments with some of the largest companies, reducing manual review whilst safeguarding millions of users and billions of transactions. BehavioSec investors include Forgepoint Capital, Cisco, ABN AMRO, Conor Ventures and Octopus Ventures. BehavioSec is headquartered in San Francisco, CA and has global operations throughout Europe and Asia Pac. For more information, visit www.behaviosec.com.