To enforce and empower companies selling credit cards and other lending products online by helping them to spot fraudsters applying for such products, Credit bureau Experian Plc has joined forces with technology firm BioCatch to use behavioral biometrics for this purpose, the companies said.
By tracking a wide range of factors including how fast they type or the way they move their mouse across a web page, it is possible to analyzes the way users interact with devices and websites by the use of BioCatch's software which was integrated in Experian's fraud prevention platform. whether users who are who they say they are or impostors will be able to be known by the information collected through this software and help BioCatch determine and spot potential fraudulent applicants.
By using stolen identity information they acquire on the "dark net," an area of the internet only accessible with special browsers that can ensure anonymity, fraudsters apply for credit products online and automated programs, or bots. This is a growing trend and such attempts can be identified by the use of behavioral biometrics, the companies said.
"Behavioral biometrics is one of the up and coming techniques for defending against fraud," said John Sarreal, director of product management at Experian. "It is effective in this day and age when you have more scripted attacks and more bot armies recruited to submit applications."
In order to counter the rising threat of online fraud and cyber crime, financial institutions are seeking to deploy more sophisticated methods. Noting an increase of more than 2 million victims from the previous year, roughly 6 percent of consumers in the United States were victims of identify fraud in 2016, according to analyst firm Javelin.
To distinguish between fraudsters and normal users, such as how familiar the user is with the application process are among several behaviors that can be monitored, said Frances Zelazny, vice president of BioCatch.
Fake users might be very familiar with how a form is structured and will move more quickly between questions but they might be slower than real ones in filling out basic information like date of birth and name, for example.
For real users, "there tend to be natural pauses between data entry, as you don't really know if the form is going to ask you for your phone number, or zip code next," Zelazny said
(Source:www.reuters.com)
By tracking a wide range of factors including how fast they type or the way they move their mouse across a web page, it is possible to analyzes the way users interact with devices and websites by the use of BioCatch's software which was integrated in Experian's fraud prevention platform. whether users who are who they say they are or impostors will be able to be known by the information collected through this software and help BioCatch determine and spot potential fraudulent applicants.
By using stolen identity information they acquire on the "dark net," an area of the internet only accessible with special browsers that can ensure anonymity, fraudsters apply for credit products online and automated programs, or bots. This is a growing trend and such attempts can be identified by the use of behavioral biometrics, the companies said.
"Behavioral biometrics is one of the up and coming techniques for defending against fraud," said John Sarreal, director of product management at Experian. "It is effective in this day and age when you have more scripted attacks and more bot armies recruited to submit applications."
In order to counter the rising threat of online fraud and cyber crime, financial institutions are seeking to deploy more sophisticated methods. Noting an increase of more than 2 million victims from the previous year, roughly 6 percent of consumers in the United States were victims of identify fraud in 2016, according to analyst firm Javelin.
To distinguish between fraudsters and normal users, such as how familiar the user is with the application process are among several behaviors that can be monitored, said Frances Zelazny, vice president of BioCatch.
Fake users might be very familiar with how a form is structured and will move more quickly between questions but they might be slower than real ones in filling out basic information like date of birth and name, for example.
For real users, "there tend to be natural pauses between data entry, as you don't really know if the form is going to ask you for your phone number, or zip code next," Zelazny said
(Source:www.reuters.com)
