This article has been written by Rob Woods, Director, Market Planning Fraud & Identity, LexisNexis Risk Solutions, to accompany their involvement as a sponsor in a live session; “The Evolution of Behavioral Biometrics from Edge Case Defense Layer to Essential Component for Customer Trust” at the Goode Intelligence Biometric Summit 2023 on 23rd March. Register here to attend.
Why Behavioral Biometrics is Becoming an Essential Component for Customer Trust
Staying centered on customer trust as AI accelerates the fraud threat climate
Closing windows of opportunity for networked fraud is an imperative for sustained success in today’s hypercompetitive digital marketplaces. Trusted customers anticipate tailored conveniences and targeted security features across their journey and they are quick to abandon transactions falling outside their expectations. The technology advancements powering highly-personalized experiences are also providing fraudsters with the perfect tools to launch and scale automated, high-velocity attacks. Artificial Intelligence (AI), machine learning and cybercrime-as-a-service technologies support next-gen attack vectors that industrialized fraud networks are easily leveraging and continuously evolving.
Recent statistics illustrate how fraudsters are expertly targeting digital ecosystems:
- Scammers find increasingly creative ways to coerce customers into diverting funds into fraudulent accounts.1
- High-velocity automated bot attacks increased +38% year over year (YOY) according to data from the LexisNexis® Digital Identity Network®2
- Automated attacks focused on password resets show a 247% YOY increase 3
Responding to emerging AI threats while keeping digital experiences centered on customer trust requires organizations to look beyond traditional fraud defenses with a real time strategy that works in parallel to prioritize identity trust and prevent fraud.
The evolution of behavioral biometrics from edge case to essential component
Behavioral biometrics technologies are key capabilities for answering the dual challenges of accelerated transaction speeds and the ever-intensifying nature of digital fraud threats. Today’s future-forward fraud strategy needs to account for the nuances of technology-driven threats as well as the vulnerabilities and fallibility of the end consumer. Incorporating behavioral biometrics technology into customer touchpoints positions a business to better inform an agile fraud approach focused on customer trust.
Behavioral biometrics is a non-intrusive and seamless way for companies to confidently identify genuine, trusted customers while maintaining a risk-appropriate level of friction for specific touchpoints or higher-risk events. Rather than looking at identity verification from a risk or fraud framework, behavioral biometrics analyzes authentication from a trust and experience framework:
- Is it a human being performing the transaction, or are there automation patterns?
- Is this a human we can trust?
- Is it the right human who is authorized to perform this event?
- Are they behaving in their usual way or do they appear under duress?
By evaluating how a user interacts with a device, webpage or application, behavioral biometrics solutions can accurately point out signals of unusual behavior. Behavioral biometrics enables organizations to proactively differentiate between a legitimate customer, a bot or a fraudster.
The inherent resiliency of behavioral biometrics makes it the perfect component for supporting a real time, highly-responsive fraud approach that keeps customer trust at the core. Utilizing behavioral biometrics enables businesses to dynamically improve identity trust with every interaction and simultaneously evolve their approach to reflect changing permutations and patterns of digital commerce. Behavior biometrics helps future-fit fraud strategies to support the personalized and secure customer experiences driving competitive advantage in today’s crowded digital marketplace.
Please visit https://risk.lexisnexis.com/products/behaviosec to learn more.
- The Account Takeover Epidemic: A Wake-Up Call For Chief Digital Officers (forbes.com)
- and 3. Data analysis from the LexisNexis® Digital Identity Network®, January-June 2022
