A Technical Shift in Banking Security
July 23, 2015
Banks may soon transition from asking for your mother’s maiden name to tracking your physical behavior in the name of keeping you (and their assets) safe. IT ProPortal examines “Fraud Prevention: Knowledge-Based Ananlytics in Steep Decline.” Writer Lara Lackie cites a recent report from the Aite Group that indicates a shift from knowledge-based analytics to behavioral analytics for virtual security checkpoints. Apparently, “behavioral analytics” is basically biometrics without the legal implications. Lackie writes:
“Examples of behavioural analytics/biometrics can include the way someone types, holds their device or otherwise interacts with it. When combined, continuous behavioural analysis, and compiled behavioural biometric data, deliver far more intelligence than traditionally available without interrupting the user’s experience….
Julie Conroy, research director, Aite Group, said in the report “When the biometric is paired with strong device authentication, it is even more difficult to defeat. Many biometric solutions also include liveliness checks, to ensure it’s a human being on the other end.’
“NuData Security’s NuDetect online fraud engine, which uses continuous behavioural analysis and compiled behavioral biometric data, is able to predict fraud as early as 15 days before a fraud attempt is made. The early detection offered by NuDetect provides organisations the time to monitor, understand and prevent fraudulent transactions from taking place.”
The Aite report shows over half the banks surveyed plan to move away from traditional security questions over the next year, and six of the 19 institutions plan to enable mobile-banking biometrics by the end of this year. Proponents of the approach laud behavioral analytics as the height of fraud detection. Are Swype patterns and indicators of “liveliness” covered by privacy rights? That seems like a philosophical question to me.
Cynthia Murrell, July 23, 2015
Sponsored by ArnoldIT.com, publisher of the CyberOSINT monograph
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