Biometrics as a Trump Card against Fraud?

The financial industry is driving the adoption of behavioral biometrics to combat this growing threat. An international information solutions provider, in collaboration with a consulting firm, recently published a whitepaper that addresses the challenges of combating sophisticated fraud threats, especially given the increase in digital usage and people’s high expectations for online transaction security. The whitepaper highlights the increased use of P2P payment portals since the start of the Covid-19 pandemic. However, the survey also found that a proportion of respondents in the United States (10%), the United Kingdom (9%), and Singapore (7%) have reduced their use of P2P services or changed their behavior due to concerns about fraud.

Fraud has become a pervasive and costly problem for companies. The increasing sophistication of fraudulent activities such as account takeover, identity theft and financial fraud has led to a strong demand for fraud prevention solutions.

Behavioral biometrics provides a dynamic approach to fraud detection and prevention, making it highly sought after by organizations looking to secure their business operations and protect their customers. Behavioral biometrics is a technology that uses data from a user’s behavior for authentication. This is in contrast to physical biometrics, which evaluates human characteristics such as fingerprints or facial recognition – physically identifiable information. In cognitive biometrics, for example, sensors track people’s behavior, studying how they use their devices and how they react during authentication processes. This data analysis can identify patterns that indicate whether a user is genuine or fraudulent.

The authors of the whitepaper predict that the global market for behavioral biometrics will grow from an estimated 1.2 billion US dollars today to more than 9 billion US dollars by 2032.

Gabriel Juri
SIX