Behavioral biometrics is having its time in the sun. The financial sector has paid much attention to this innovative technology in 2020, particularly around its application to detect online fraud.
Perhaps it’s because the technology has reached a level of maturity that makes it indispensable for some organizations – or perhaps it’s the times we live in. In a year characterized by uncertainty and doubt, behavioral biometric technology is giving banks and consumers financial security and certainty.
When consumers are encouraged to minimize their physical footprints and use digital channels to work, shop and bank instead, online fraud skyrockets. An antidote, behavioral biometric technology has been the talk of the industry, as evidenced by Revelock’s own successes this year.
Covid is fertile ground for online banking fraud
Trust has become a valued currency in today’s financial ecosystem. Banks have had to work exceptionally hard to reinforce customer trust and safeguard people’s financial standing as lockdown saw branches closed, customer service teams stretched to the limit, and Covid scams thriving.
Indeed, between January and March this year, Revelock saw a 75 percent jump in the number of online banking sessions that included anomalous, suspicious user behavior and account takeover attacks. The resulting launch of Revelock’s Covid-19 Online Banking Fraud Resources Center was just one of the ways the company has stepped up to reverse the trend in online fraud.
Revelocks behavioral biometric customer identification technology is a pioneering development in the financial technology market.
Powered by deep learning technology, it provides passive, continuous authentication so that any anomaly in customer behavior during an online banking session is flagged up to the bank in real-time to be acted upon.
The technology is not only getting more and more sophisticated but is now also gaining the recognition it so deserves.
Accolades pour in for behavioral biometrics
In July 2020, Revelock was recognized for its “unique approach for online fraud prevention that no other competitor currently offers” when its flagship solution, received The Frost & Sullivan 2020 European Behavioral Biometrics Solution for Online Fraud Prevention Technology Innovation Award. Highlighted was Revelock’s capability to reveal fraud attempts in real-time while not getting in the way of the customer experience of legitimate cardholders. More recently the company has been named to the latest ECSO Cybersecurity Market Radar alongside the biggest players in the market.
Beyond analyst recognition, Revelock has also come out on top of the fierce competition that characterizes industry awards.
At the 2020 Finovate awards, Revelock won the title of Best ID Management Solution, gaining acknowledgment for its sophisticated identity management and authentication capabilities, rooted in behavioral biometric analysis.
A similarly focused event, SC Awards named Revelock as a Finalist for Best Authentication Technology.
Most recently, the company has been shortlisted for not one, not two but three Payments Awards.
Fingers stay firmly crossed as the team awaits to hear how Revelock fares in the Best Online Payments Solution, Best Use of Biometrics, or Security Innovation of the Year categories.
Combating eCommerce transaction fraud in the run-up to the holiday shopping season
Driven by the success of our customer identification solution for banks, Revelock is also capable of detecting payment fraud prevention as part of a broader category that includes card-not-present fraud (CNP) and peer-to-peer (P2P) or other forms of online money transfers. Transactions that are susceptible to account takeover attacks designed to steal money from these forms of payments.
As a record number of consumers will be shopping online this holiday season – some, for the first time ever – card issuers will be faced with the complex challenge of authenticating a large number of ‘risky transactions’ in a way that both maximizes their revenue and limits the cost of fraudulent transactions.
While PSD2 approved, the 3D Secure payment authentication system can do more to keep customers safe and help card issuers avoid chargeback liabilities.
Revelock’s 3D Secure solution collects biometric data from the customer at the point the one-time password is entered along with an additional short text string in order to verify the customer’s identity.
You can read how Revelock’s behavioral biometric analysis plugs the gap in the 3D Secure authentication system.
Undoubtedly, the media attention, analyst recognition, and awards surrounding behavioral biometrics are not only indicative of Revelock’s own industry leadership but also of a wider – and encouraging – trend in the industry to consider this mature technology as an indispensable part of financial institutions’ anti-fraud capabilities.
As behavioral biometrics technology continues to dominate the industry agenda, here at Revelock we’ll continue to drive this momentum and help financial institutions stay one step ahead of evolving forms of fraud.