www.ceotodaymagazine.com 69 BIOCATCH BioCatch is the leader in Behavioral Biometrics. Most people know what Biometrics is – fingerprints, facial recognition, etc. – but what is Behavioral Biometrics? To answer that I will start by asking you to suspend disbelief for just a moment - if it’s the first time you’re hearing about behavioral biometrics, it can seem a little bit like science fiction. Behavioral Biometrics is based on the fact that we all have unconscious personal preferences and habits in life – the way we walk, the way we talk, comb our hair and so forth. For example, if I asked you to cross your arms, you would do it the same way every time. If I then asked you to do it the opposite way, it would feel very awkward, very abnormal. Because you have a preference when it comes to how you cross your arms, something you may not have even realized. In the same way, everyone has preferences that uniquely identify them when they interact with technology, be it their computer, mouse, keyboard or phone. The speed of their typing is one example. Their use of the scroll bar as opposed to the arrow keys is another. We are actually able to measure around 2,000 of these factors in total. Every individual has somewhere between 50 - 100 behavioral factors that, when found in combination, point very strongly to them. From these factors we create behavioral profiles that allow us to authenticate online users. This solves the problem created by authenticating people purely based on what only they are supposed to know, such as a username or password, when many such “secrets” are readily available on the Internet due to security breaches, which have become almost commonplace of late. We use behavioral profiling as a mechanism to ensure that people are who they say they are when they are online. What’s wrong with existing identity-proofing methods like two-factor authentication or plain old biometrics? Everything the industry has relied on to this day is based on something static – that is, it never changes. You have a password, or a town you grew up in, or a fingerprint. But with personal information like passwords, phone numbers, and even social security numbers now in the hands of fraudsters and other criminals, financial institutions want to know if you are really you, or if someone is posing as you. And you want them to know it is you as well. The advantage of using behavior is that it’s almost impossible for today’s technology to copy it. Behavior is not static and thus it is difficult to mimic. Behavioral data is an untapped goldmine and as fraud becomes more complex, establishing your digital identity beyond your physical identity will be important part of a person’s online experience. The typical use case for a bank, for example, is what we call “account takeover.” This most often happens remotely but can occur physically as well when people leave their computers unattended. If you logged into your bank account and had a friend sit down at your machine, within five seconds the bank would know that it’s no longer you operating the computer based on that person’s behavior alone, even though you initiated the session. That’s the beauty of behavior and what separates it from a static biometric mechanism. Behavior can be monitored throughout an entire online session. It is fast, friendly and frictionless. How is BioCatch different from traditional authentication solutions? Two-factor authentication is a reasonably strong solution for now, but it comes with an
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