With global payment transactions estimated to reach 6.6 trillion dollars in 2022, a 40percentage increase in only two years, firms should embrace behavioral biometrics to avoid financial crime even more now.
Fremont, CA: E-commerce, mobile banking, and mobile utilization all increased as the pandemic continues to sweep the planet, sending individuals into and out of lockdowns. Cybercriminals and fraudsters also grabbed the opportunity, boosting their fraud operations during this vulnerable period for individuals and organizations.
Trends and behaviors that emerged as a result of the pandemic, like more remote working, are likely to persist. Even as nations begin to relax COVID-related regulations, there will be a higher dependence on mobile commerce and payments than in the past, increasing the potential for online fraud.
Let's see top approaches by which financial institutions can defend themselves and their clients against fraud using behavioral biometrics as the world transitions to a "New Normal" in which people's lives increasingly get conducted online.
- Detecting the most intricate online fraud using behavioral biometrics
Understanding previous behavioral biometrics use cases are crucial to detecting future online fraud. According to case studies, behavioral biometrics have proven to be effective in detecting and preventing fraud considerably earlier in the process, especially in difficult-to-detect kinds of fraud, including identity thefts and new account fraud.
- Using behavioral biometrics, detect fraud instantaneously
When it comes to preventing financial fraud, not all data is created or used equally. Because they don't always include the necessary real-time data, existing financial institution solutions don't continually evaluate behavioral data to protect themselves and their clients from fraud before it happens. In today's digital economy, where fraudsters have become more sophisticated in their fraud assaults, detecting and combating fraud has become more complex. Enterprise data and security solutions should maintain these assaults and risks to guarantee that consumers are protected and continue to provide the great customer service necessary for them, which is why real-time data is vital.
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