A new behavioural biometric security partnership between Samsung SDS and BioCatch has been formed, targeting enhanced payment and banking security.
The initiative is intended to remedy the problem of fraud, applying a layer of protection that remains active even after the user is logged in.
Specifically, the partnership will work to integrate BioCatch behavioural biometric technology into Samsung SDS’s Nexsign, biometric authentication software geared towards the enterprise.
Nexsign monitors facial recognition, voice, and fingerprint, and now the BioCatch software will allow these vectors to be tracked post-login.
Once implemented, the behaviour tracking technology from BioCatch will be able to base its judgement on 500 seperate perameters, also requiring the user to follow a series of steps upon logging in to a mobile app, for example.
BioCatch’s software is set to equip Nexsign with the ability to map a user’s behavioural patterns, which would in theory add a further complex layer of security based upon unique characteristics.
The announcement came out of the Money 20/20 event in Las Vegas, where the announcement informed Samsung SDS users that multiple layers of security authentication would be required.
Eyal Goldwerger, Chief Executive Officer at BioCatch, said: “Innovations in fintech have given ease to day-to-day tasks such as, banking, transactions, withdrawals and money transfers. Today’s leading brands have made managing finances a social and adoptable experience matching today’s digitally savvy consumers. However, given how sophisticated fraudsters are today, the consumer-grade authentication protocols that exist leave open the real possibility of account takeovers.”
Samsung SDS is a subsidiary of the Samsung Group, a provider of IT services that span Business Strategy and Network Consulting since 1985. The subsidiary is now venturing into cutting edge areas such as Blockchain, IoT, and AI.
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“All the fraud that BioCatch finds today, comes from within authenticated sessions, prompted by malware, social engineering and other sophisticated attacks that circumvent the login method entirely,” said Goldwerger. “As a result, security continues to be a major factor holding back the full potential of mobile banking and payments, especially when taking into consideration the equally important demand for a seamless user experience.”
With the arrival of PSD2 at the beginning of next year, complexity is set to multiply, and with it cybersecurity weaknesses may form. This is a major argument for the necessity of efficient yet robust security.
Richard Lobovsky, VP of Enterprise Solutions at Samsung SDS America, said: “The vision of Nexsign is to make passwords obsolete and give users a way to authenticate themselves safely and securely with biometrics. While physical biometrics provide an excellent way to do this at login, and other points within the app through step-up authentication, behavioral biometrics is the perfect complement to provide continuous authentication inside a session.”
By leveraging the capability to constant keep tabs on who is who based on behaviour, security remains in place even after the login phase has been successfully passed, arming the implementer with the confidence that security does not need to begin and end at the front door.
“The BioCatch technology relies on a broad array of parameters, and is able to detect both human and non-human imposters inside a session that would otherwise be impossible to identify with traditional means. We are excited for this partnership and the combined offering that we can deliver to our customers,” Lobovsky said.