Today payments are all about being invisible. The age-long adage of balancing security and convenience has taken a radical twist. While fraud prevention is an obvious requirement, the need for a frictionless transaction has become a main-stay requirement. Today’s customer expects that his transaction occurs smoothly, in real-time, and without any friction: Consumers want the payments back-end processes to be “invisible”.
Present day fraud prevention vendors are constantly developing solutions to make transaction authentication, a truly invisible experience. True transaction “Invisibility” has become a main competitive advantage and a key differentiator in the payment industry.
So, what are vendors offering?
- Biometric Security
In recent years ‘active’ biometric authentication methods such as fingerprint scanning and facial recognition have increased in prominence mainly because they bypass arduous username/password authentication. The “convenience” factor they offer has changed the transaction world, but they are not “invisible”. And although the perception that biometrics provide increased security, the truth is that they are far from being safe. Almost all biometric based solutions offer username/password fall back which means that their focus is convenience and not security.
- Behavioral Biometrics
Behavioral Biometrics takes authentication to another level by capturing data points that provide insights into how the user naturally interacts with their device. It then generates a score assessing how well the data matches the user’s historical behaviour, or the behaviour of a representative peer group. Instead of only relying on information from the moment of authentication, it continuously works in the background and analyses behavioral data – including metrics such as the angle at which the user holds their phone, swipe patterns and keystroke dynamics – to continuously verify the user’s identity.
- Contextual Multi-dimensional Authentication (CMA)
Although behavioural biometrics offers several security benefits, there are still some key considerations for organizations to keep in mind when incorporating the technology into their authentication mix. Rather than functioning in isolation, Behavioral Biometric used together with additional layers of protection makes the “invisible” transaction process a reality.
Paygilant takes behavioral biometrics and layered mobile fraud prevention, to the next level. Its unique Contextual Multi-dimensional Authentication (CMA) methodology combines behavioral biometrics with device fingerprinting (data that can be derived from the device itself) and Transaction Analysis (data that can be derived from the transaction process) to provide an accurate risk score that ensures the utmost fraud prevention and frictionless transactions.
Without impacting and imposing on the user, Paygilant runs invisibly in the background to seamlessly stop fraud before any damage is done. Using machine learning algorithms, Paygilant provides ongoing and continuous data analysis ensuring that transactions are approved only for legitimate users.
