Continuous authentication through behavioral biometrics safeguards mobile and digital services facilitating stimulus lending, new July 15 U.S. Tax Day and other essential applications
San Francisco, June 30, 2020 – BehavioSec, the first vendor to pioneer behavioral biometrics, is positioned for strong growth as post-pandemic mobile shifts and evolving cyber threats highlight greater demand for deep authentication and anti-fraud capabilities delivering increased trust without breaking the user experience. With contactless, mobile-optimized shopping, financial services and business productivity on the rise, organizations are rethinking how to verify online identities with greater accuracy and lower friction, as chronic abuse of stolen passwords and other credentials persists. BehavioSec’s intuitive behavioral biometrics technology meets enhanced authentication demands by delivering zero trust safeguards authenticating individuals based on users’ typing patterns, touchscreen activity and cursor movements, beyond vulnerable passwords. Authenticating users seamlessly in the background without proprietary hardware or other tokens reduces fraud risks and gives BehavioSec customers a competitive edge.
“We’re witnessing a seismic shift in digital interactions and expectations as users become more acclimated to working, shopping and interacting online, transforming not only digital services but also what customers expect from the fintech and e-commerce experience,” said BehavioSec Vice President of Products Jordan Blake. “But digital adoption isn’t the only thing accelerating. Cyber scams are also on the rise as criminals seek to take advantage of new apps, services and consumer fear and uncertainty in the wake COVID-19. Businesses are increasingly challenged in this environment to provide strong customer authentication without customer friction. That means a more adaptive approach to validating online identities that meets the needs of both companies and consumers, and one that can be achieved through behavioral biometrics.”
Months of unprecedented pandemic disruptions are accelerating the world’s shift to wider remote work and making mobile devices the center of essential business and personal services. Fintech platforms are helping disburse aid from U.S. government stimulus programs. The IRS delayed U.S. Tax Day to July 15, 2020, giving affected consumers and businesses more time to prepare tax returns and use software, virtual consultations and mobile apps, as office closures and quarantines continue through summer. Recent studies show customers are using their bank’s mobile app more frequently now than ever before. These digital trends aren’t just limited to banking. An April Mastercard poll found a high consumer preference for contactless payments; a finding further evidenced as consumers choose more often to shop online. Unfortunately, extra friction resulting from authentication measures meant to protect them can leave those same users cold with 28% abandoning online purchases due to forgotten usernames or passwords as reported by FICO.
Meanwhile, cyber criminals continue to adapt attack vectors to exploit this digitally focused framework. The FBI warns of scammers exploiting the COVID-19 pandemic to steal money and fraudsters targeting the popularity of mobile finance applications. This puts even more pressure on digital service providers to reduce the risk of fraud and account takeover (ATO) by implementing stronger authentication and anti-fraud safeguards, without imposing undue friction and stress on users that breaks the mobile experience for payments and productivity.
BehavioSec customers have a way to set themselves apart in crowded and demanding mobile-first markets by adopting deeper authentication and a simplified user experience through behavioral biometrics. Unlike traditional authentication technologies, the BehavioSec platform continuously authenticates users in real time based on unique physical behaviors difficult for criminals to spoof, steal or socially engineer. Organizations across industry sectors relying on mobile and digital transformation gain the secure engagement that businesses require – and consumers expect – with dramatically reduced account lockouts, HelpDesk calls, password resets and other friction.
For more information on how BehavioSec solutions can give the digital services you offer a competitive advantage visit: https://www.behaviosec.com/behavioral-biometric-solutions/.
BehavioSec is the first vendor to pioneer behavioral biometrics. The company’s Behavioral Biometrics 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 behaviosec.com