Gemalto to combine biometrics and AI for online banking
30 June 2017 07:52 GMT

Secure identity firm Gemalto is launching a new solution to fraud prevention in online banking that uses machine learning and biometric security. 

Called the Gemalto Assurance Hub, the firm says it analyses the profile and the behavior of customers in real time. The platform only activates additional authentication measures when required, providing a smooth user experience.

The product is being launched in partnership with Behaviosec, the behavioural biometrics firm.

The firms have said partnership will provide customers with the combined benefits of leading end-user verification and digital identity solutions, delivering holistic authentication to the financial services sector. The first product to reach the market will be through the Ezio Assurance Hub, where BehavioSec decision intelligence will serve as a transparent verification layer.

Integrating BehavioSec’s unique behavioral biometric technology with Gemalto’s authentication solutions will provide scalable, flexible, and compliant protection for banks and financial institutions, while promoting a user-friendly and secure, online experience for consumers.

Neil Costigan, CEO of BehavioSec, comments: "Removing bottlenecks to achieve full digitalization of a business goes hand in hand with conquering online fraud, through a layered and collaborative approach. With BehavioSec’s unique behavioral technology, and Gemalto's position as a global leader in digital security, our combined expertise will create a better and more secure experience for consumers across the world."

Gemalto notes that Banks need to distinguish genuine users from potentially fraudulent ones, thereby giving legitimate customers a hassle-free service and blocking unauthorized users. Financial institutions must also comply with the latest banking regulations such as PSD2 or FFIEC*.

Gemalto Assurance Hub is based on big data; processing millions of transactions built from thousands of attributes (such as device profiling, location, user behavior, biometric data or keypad style) to analyze behavior in real time and trigger appropriate authentication checks when needed. For example, if someone makes a high-value transfer from an unusual location, then additional biometric authentication will be requested to validate the transaction, such as fingerprint or facial recognition. Users benefit from non-intrusive security within a trusted environment. 

"A recent Gemalto study showed that 44% of consumers would leave their bank in the event of a security breach, and 38% would switch to a competitor offering a better service. At the same time, consumers suffer from both unjustified rejection and excessive authentication steps when banking online or on mobile," said Bertrand Knopf, Executive Vice President Banking and Payment from Gemalto. "The challenge is to minimize and simplify security procedures, without compromising trust in the digital banking domain. This is what the Gemalto Assurance Hub does so easily." 

How is the Gemalto Assurance Hub different from existing banking fraud prevention systems?

The Gemalto Assurance Hub is the only solution that offers banks a single platform which integrates best-in-class fraud detection technologies. It comes with a single policy and fraud intelligence console. The platform uses a flexible hub approach - it can easily integrate banks' existing solutions as well as evolving over time to include the latest fraud protection technology.