A New Behavioral Biometric Product for FIs Enters the Market
Incoginia has launched a new behavioral biometrics platform, this one focused on reputational rating based on historical and current location data. There are at least two challenges associated with introducing a new behavioral biometric product. First, most products, such as this one, perform a very specific function that is so narrow that it needs to be integrated into other solutions to solve more complex use cases. Second, it is very hard to rate and compare the accuracy of products that are based on behavioral biometrics. Without a standard testing methodology to determine and compare False Acceptance Rates or False Rejection Rates, we are left to rely on supplier data or live testing:
“Incognia, a private identity company, has announced the launch of its location-based behavioural biometrics solution developed to combat rising rates of mobile fraud. The new solution comes as Incognia welcomes Paula Skokowski into the role of Chief Marketing Officer.
In 2019, 93% of all mobile transactions. As the volume of mobile transactions growth escalates with the global mobile payments market reaching $4.7 T by 2025, fraudsters remain eager to capitalise. With fraud techniques continually evolving, existing static solutions such as passwords and knowledge questions are unable to provide users with requires security.
Incognia, through its solution launch, is providing a new frictionless weapon for enhanced fraud detection and prevention. It’s Anti-fraud SDK and APIs enhance identity verification and authentication for banks, FinTechs and retailers with mobile applications. Working in the background, it builds a unique location fingerprint for each mobile user, without capturing or storing any PII, to create a private digital identity.”
Overview provided by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group.
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