Behavioral Biometrics as a Security Solution in Finance

The onslaught of sophisticated cyberattacks poses significant security challenges for financial organizations, as their digital perimeter continues to expand to end users. Managing critical infrastructure, these institutions have swiftly adopted advanced security methods and tools, with a primary focus on detection and response capabilities. However, through behavioral biometrics, companies have the opportunity to be proactive by fortifying the security perimeter right from the end user's side.

While digital identity technologies such as facial recognition and fingerprint identification have already been employed to prevent financial fraud and identity theft, behavioral biometrics are set to enhance these security measures. This technology works by analyzing user’s interactions with an organization’s platform and device, generating a unique profile based on the digital patterns displayed by the user. This profile is constructed by evaluating users’ behavioral patterns, encompassing factors such as phone movement, typing rhythm, touchscreen behavior, total time spent on a page and other interactive gestures. Since these behavioral patterns are inherently unique to each user, it is extremely difficult for fraudsters to mimic or replicate them.

"This option can assist organizations in identifying genuine customers based on patterns and criteria, including keystroke rhythm, how long a user holds down a key before releasing it, finger swipes, mouse movements and how firmly a user presses their device's screen," says Adrián Sánchez, Director of Strategic Planning for Latin America and the Caribbean, LexisNexis Risk Solutions. Ultimately, this technology attempts to offer a panoramic view of customer identities, thereby mitigating security risks associated with digital transactions. 

Unlike authentication methods that tend to verify the users’ identity at the initial login, behavioral biometrics enhances digital security by allowing continuous authentication throughout a user's session. For instance, if a user's behavior deviates from their recorded patterns, the system can trigger alerts or request reauthentication, effectively mitigating the risks of unauthorized access.

Behavioral biometrics also distinguish from digital identification technologies by excluding the need to capture or store sensitive physical attributes, addressing privacy concerns. Moreover, this cybersecurity tool also has the capacity to protect the digital identity of users, even when their login credentials have been stolen. 

These features make behavioral biometrics more user-friendly, eliminating the need for users to remember complex passwords or provide additional information to access their accounts. This passive identification method effectively reduces friction in the transaction processes, which is particularly beneficial for financial organizations. Customers are more likely to continue using banking services when they experience minimal delays or interruptions. 

In Mexico, behavioral biometrics stand to play a pivotal role in the fight against cybercriminals targeting the financial sector. The ability to reduce fraud while enhancing the overall customer experience positions this as a crucial technology in safeguarding digital transactions for the future.