Swiss banking software company NetGuardians has forged partnership with Sweden’s BehavioSec to leverage their complementary technologies to deliver complete fraud protection to financial institutions globally.
NetGuardians is know of its specialised expertise in user behavior analytics and profiling to implement controls for fraud and compliance challenges, while BehavioSec develops behavioral biometric technology to precisely analyze behaviors at the user transaction level and alert to behavior changes that signal misuse.
Through this alliance, the companies intend to equip financial institutions ability to protect clients by statistically scoring the behaviors they use during transactions.
Users’ actions –like the way they swipe their smartphones – are very distinct, so continuous machine learning can authenticate users based not on what they do, but on how they do it, NetGuardians said.
BehavioSec VP engineering Ingo Deutschmann said: “This is superior transactional security to older methods such as passwords. A password can be hacked, but a swipe style cannot. At the same time, because it does not require users to take additional security steps, it offers the ease-of-use that consumers ask for. Users are protected in such a way that they don’t have to think about their security. Security is built into their own actions.”
NetGuardians added that financial firms can add this transaction-level protection to its operational risk solutions, which will provide end-to-end risk mitigation and continuous control for fraud protection and regulatory compliance.
NetGuardians COO Raffael Maio said: “Financial institutions today need fraud protection integrated into everything they do. Bank clients think about fraud risk most at the time they conduct transactions. With BehavioSec, we help financial institutions provide strong security for transactions, contributing to overall security and client confidence.”