Behavioral biometrics software is influencing how businesses accept credit cards in the U.K. and could catch on here in the U.S. soon.
So, what are behavioral biometrics and how does this influence a business’s ability to accept credit cards? Traditional biometrics involve innate human characteristics like eye blinks, iris patterns, fingerprints, or facial structure. Behavioral biometrics however, measures and studies unique identifiers and patterns in human activities.
BioCatch, a company promising “less friction, less fraud”, is a leading provider of behavioral biometric solutions for mobile and web apps and proactively “collects and analyzes more than 500 parameters to generate a unique user profile”. This software is embedded in a bank’s mobile app or e-commerce platform, and it monitors and captures metrics on 500 different behaviors exhibited by mobile and online consumers. Some of the behaviors that are analyzed are the way the customer holds their smartphone (or if they use a tablet or a desktop), how much pressure is used to tap on a touch screen, typos made, and other factors that affect how a business might accept a credit card. BioCatch then creates a profile for each customer and makes comparisons against other use cases to that specific customer.
It’s a little unnerving to think about how banks may be monitoring your every move – literally. But, according to a recent piece from PaymentsSource, this new technology could amplify alerts and provide better fraud prevention on your account and on your business. BioCatch alerts the bank’s fraud team about any sign of unusual behavior. For example, if a user exhibits a behavior that is outside of their standard habits, that raises a red flag for a bank using BioCatch. A succession of unusual behaviors would cause greater alarm and could potentially close a fraudster’s account.
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