Although most financial fraud losses are usually attributed to payment-related transactions, identity fraud happens throughout the whole customer journey. Fraudsters have learned to exploit the volume and velocity of transactions converging across multiple touchpoints by targeting each individual touchpoint.
Recent data from the LexisNexis® Digital Identity Network®
reveals that 1 in 12 new account creations represent an attack. Mobile app logins have seen a 211% YoY growth in attack rates, and 1 in 20 password resets are attacks across all channels.
A static approach to detecting suspicious behavior exposes organizations and consumers to elevated risk of fraud. An integrated strategy that can detect anomalies at early stages of the customer journey and incorporate behavioral biometrics authentication can prevent future financial and reputational damage.
When it comes to securing an organization’s digital assets, traditional authentication methods are no longer enough. Behavioral biometrics authentication provides a more comprehensive and accurate means of verifying user identity, thereby enhancing security and protecting against emerging threats.
Behavioral biometrics discreetly collects behavioral data whenever a user engages with your app, service or website. The software analyzes each session for environmental risk factors, using a rich set of intelligent signals that yield a near real-time authenticity score.