BehavioSec expands portfolio

BehavioSec expands portfolio

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.

BioCatch hits PSD2 milestone

BioCatch hits PSD2 milestone

BioCatch, a leader in behavioural biometrics, announced it has entered the implementation stage of its offering that will enable financial institutions to leverage BioCatch’s behavioural biometric-based solution to support their journey to compliance with PSD2’s implementation of Strong Customer Authentication (SCA), a regulation that requires multi-factor authentication for online transactions.

BioCatch’s behavioural biometrics industry best-practices solution improves banks and financial institutions’ customer experience by applying machine learning to provide superior consumer protection while reducing friction in the digital journey.

BioCatch will provide behavioural biometric technology through integration partners who offer access control solutions to customers leveraging SCA and online fraud prevention services. This will enable financial institutions to use behaviour as a factor in their SCA compliance to facilitate their ability to meet the new March 2022 U.K. timeline for SCA compliance. BioCatch has begun behavioural biometric-based customer interface implementations for SCA for several customers.

“Since it operates in the background, behavioural biometrics enables a secure, customer-centric experience by analyzing a user’s digital behaviour without increasing friction,” said Howard Edelstein, Chairman & CEO of BioCatch.

By leveraging behavioural biometrics as a factor for SCA compliance, banks can reduce a tremendous amount of friction, improving the user experience, reducing attrition in the payment process, all while reducing authentication costs.

BioCatch’s category-defining behavioural biometrics technology protects many of the world’s largest financial institutions, their clients and their clients’ assets from fraud and other types of criminal activity.

“This is very exciting news, and excellent timing.” said Neira Jones, independent advisor and a pioneer in the payments security industry. “The ICO clarification around consent for behavioural biometrics to support SCA compliance and its deadline extension to 2022 gives financial institutions an opportunity to not only focus on compliance, but also prioritize reducing friction to improve the customer experience as part of a holistic payment fraud management strategy.”

To better help card issuers and ecommerce organizations with SCA Compliance, BioCatch is hosting a LinkedIn Live Discussion Series to help broaden the industry’s understanding of its SCA compliance journey.

The first event, The Benefits of Behaviour for E-commerce SCA Compliance, will be held on Wednesday, July 28 at 3:00 p.m. U.K. time (10 a.m. ET) and will feature two BioCatch leaders: Iain Swaine, Head of Cyber Strategy EMEA, and Ruhan Basson, Director of Pre-sales & Professional Services for EMEA. They will dive into the recent ICO decision and the advantages of using benefits of using behavioural authentication in achieving PSD2 SCA compliance. Participants can register here.