Today’s authorization and authentication methods are fast becoming obsolete. Passwords have outlived their usefulness. Behavioral biometrics represent the future of how we will authenticate ourselves and gain access to sensitive data.
According to BPM Partner Fred Rica, we are fast approaching using time and location data from phones and other devices – coupled with pattern recognition and other behavioral cues (such as how we type, when we typically access things like banking apps and where we access them from) – will help us fight fraud.
As generative AI tools make it easier for fraudsters and criminal rings to get around traditional fraud controls, employing layered fraud detection capabilities that use the same advanced analytics technologies can help organizations beat the criminals at their own game.
“We can no longer secure data and prevent fraud effectively with our current measures. ‘We’ve always done it this way’ will be the first thing to overcome,” says Fred.
For more about using biometrics to fight fraud, read the full article on GARP’s website.