LexisNexis® Risk Solutions, part of RELX, has announced the acquisition of BehavioSec®, an advanced behavioral biometrics technology provider. Founded in Sweden in 2008 with a presence in the U.S., Canada and EMEA, BehavioSec provides a highly predictive behavioral biometrics solution that uses behavior analysis for continuous authentication to establish identity trust and help prevent fraud. Solutions from BehavioSec will become a part of the Business Services group within LexisNexis Risk Solutions and enhance its device and digital identity-focused offerings, such as LexisNexis® ThreatMetrix®.
“BehavioSec represents a great addition to an already strong digital identity detection and authentication capability set for LexisNexis Risk Solutions,” says Julie Conroy, head of risk insights at Aite-Novarica Group. “Behavioral biometrics are an important component of the digital channel control framework, helping with both detection and authentication in a passive manner.”
Behavioral biometrics is becoming a widely adopted tool by industries such as financial services, ecommerce, technology, insurance, health care, communications, mobile and media companies and government agencies to prevent new account opening fraud, account takeover and scams, amongst other use cases. These organizations seek a passive means to establish trust while identifying fraud and detecting bots or malware, typical fraudster use patterns and changes in legitimate individual usage patterns to stop fraud before it enters their environments. They want to achieve this simultaneously while ensuring a positive experience at every consumer touchpoint.
BehavioSec brings the ability to convert complex mobile signals from touchscreen and sensors into rules and advanced mobile behavioral biometric-based authentication capabilities, complementing the browser-based solutions within ThreatMetrix®. By integrating offerings from BehavioSec into ThreatMetrix, customers will also benefit from continuous authentication, advanced machine learning capabilities and additional behavioral data for enhanced authentication processes.
Rick Trainor, Business Services CEO, said, “Behavioral biometrics is a valuable component in fraud prevention strategies that layer defenses to tighten the net that stops fraudsters. Founded 14 years ago by a team of highly accomplished visionaries, BehavioSec is a forerunner in the behavioral biometrics segment and continues to evolve and innovate ahead of any other behavioral biometric solution available today. Our combined customer base will benefit significantly from a blended behavioral biometrics solution within ThreatMetrix that offers more defense for customers without adding friction across the consumer journey.”
Dr. Neil Costigan, CEO of BehavioSec, added, “I am looking forward to discovering the next phase in the evolution for behavioral biometrics alongside a successful, innovative company looking to further evolve our advanced capabilities.”
The new fraud prevention tool will allow access to behavioral biometric solutions by larger organizations when combined with ThreatMetrix®, while serving small to mid-sized organizations seeking a stand-alone behavioral biometrics offering.
BehavioSec, a technology leader for behavioural biometrics and continuous authentication, today announced that it has extended its patented technology and BehavioSense platform into a SOC/ISO compliant, hosted-version and a cloud-native, SaaS version. These new versions will help more organizations meet compliance and cloud mandates, support frictionless multi-factor authentication (MFA), and gain access to the market’s most advanced behavioral biometrics technology – which until now – has only been employed within the world’s largest banks, e-Identity providers, and online retailers.
According to the recent July release of the 2021 Gartner ® Market Guide for Online Fraud Detection, “The convergence between online fraud detection (OFD), identity proofing and authentication continues with many organizations applying OFD capabilities to mitigate risk in identity proofing and authentication events.” The report further adds, “Banks are becoming increasingly comfortable with using vendor-hosted or SaaS solutions from vendors for transaction monitoring, which is a OFD capability that has traditionally been deployed on-premises in banking environments.” 1
As biometrics technology adoption increases and more companies look to hosted and SaaS-based solutions, the new SaaS-version of the company’s BehavioSense platform is the market’s first to offer comprehensive behavioral biometrics for MFA in this lightweight, self-service form factor. Unlike other SaaS-based solutions that may specialize in just web interfaces or typing, this new platform brings the company’s deep insights across device types and human interaction to identify unique humans during the authentication process.
“As more organizations move through digital transformation projects, adopting solutions that can offer accuracy, protect privacy, reduce friction – and be agile – is critical,” said Ed Amoroso, Founder and CEO of analyst firm TAG CYBER and former Chief Security Officer at AT&T. “This is especially important for organizations with continuous delivery models for their online services or those concerned with insider threat in our current remote/hybrid work environments.”
The new SaaS packaging is more than a port – it is purpose-built to streamline the BehavioSec API and feature set to offer transparent and passwordless MFA, reduction of step-ups, and replacement of legacy technologies like knowledge-based challenges. In particular, while the new service may seamlessly work in conjunction with one-time passwords (OTP), it can also serve as the means to retire OTP – as OTPs and SMS codes are notorious for their added costs to both business and consumer, friction-full experiences, and recently – vulnerability to a rising trend of SMS fraud.
To ensure rapid time-to-value, the new SaaS solution offers an especially lightweight SDK for easy deployment and integration with Identity & Access Management (IAM) platforms already implemented within customer environments for business, consumer, or workforce protection.
“The vision at the outset of this project was to bring this powerful technology used by the largest financial institutions to a broader audience needing a solution for digital identity protection that supports both compliance and privacy protection,” said BehavioSec VP of Products, Jordan Blake. “And it is not enough to make it available. It has to be highly deployable and user friendly, too – offering high value.”
In addition to the new SaaS version, the commercial release of the vendor-hosted BehavioSense service offers sophisticated fraud organizations the full breadth and depth of BehavioSec fraud prevention technology in a Type 2 SOC 2 and ISO 27001 compliant environment. While the company’s software-based BehavioSense platform has always been fully cloud-compatible for deployment within customer environments (including public cloud), this release comes after the company’s April announcement of Type 1 SOC 2 certification and the subsequent completion of the full Type 2 and ISO requirements.
Today’s announcement follows the company’s 2020 performance that saw a successful 300% growth and a series of developments during the first half of 2021, including significant platform updates and recently, key patent grants. As the company continues to invest in technology innovation and expansion of its go-to-market capabilities, the tripling of its platform footprint into a portfolio play provides a foundation to offer customers greater flexibility with multiple packaging and licensing options tightly aligned to customer requirements and phased implementations.