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BehavAuth is an AI-platform that continuously authenticates the user, without the need for any user input, by learning users’ behavioural patterns.
About
The UK is currently behind the rest of the world in its digital approach to customer identity. 84% of UK financial service firms are concerned about their ability to identify customers. A third of British banks and fintechs say they are ‘seriously lagging behind international competitors’ when it comes to fraud checks. In 2017, 16.7 million consumers were victims of identity fraud resulting in $16.8 billion in collective loses. This is an 8% increase from the previous year’s record of 15.4 million victims. Account takeover fraud tripled in 2017, which resulted in $5.1 billion in associated loses. Financial fraud losses totalled £768.9 million in the UK last year while worldwide, the figure runs into billions. As a result, there is an increasing need for a more secure and user-friendly authentication system in order to ensure the customer’s identity and reduce financial fraud. Quadible has developed a platform that continuously authenticates the user, without the need for any user input, by learning users’ behavioural patterns. Initially, the user takes a selfie or a photo from the passport and from that point the authentication and learning process initiates while the user can continue to seamlessly use the mobile banking app. In the background, multiple behavioural patterns are learned by processing physiological, biometric, device usage and transactional data. The combination of different types of behavioural observations leads to an extremely high accuracy in authenticating individuals by eliminating the errors of each individual biometric and behavioural pattern. The platform continuously authenticates the user and monitors for potential abnormal behaviour that will indicate fraud or malicious users.
Key Benefits
1. Secure: High user authentication accuracy as a result of the combination of multiple biometrics and behavioural patterns 2. Frictionless: Eliminates pincodes, usernames/passwords and card readers. Does not require any user input to authenticate 3. Intelligent: Proactively prevents identity theft and financial fraud by learning users’ behavioural and transactional patterns 4. Privacy-Preserving: Users have full control and ownership over their personal data 5. Trustworthy: Increases trust of the mobile banking users towards the online banking due to security and privacy.
Applications
The main market that BehavAuth will focus on is the user authentication including the sectors that use mobile devices to authenticate users to services. This market does not enforce any geographical restriction enabling the deployment of the product in the UK and worldwide. Currently the regions which are expressing growth in the market of user authentication are North America, Europe, Latin America, Middle East and Africa (LAMEA) and Asia-Pacific. Market Research Future reported that in 2016 the market was estimated $4 billion with an estimated growth of 13%. The user authentication market includes a great variety of industries and sectors. Markets & Markets has identified that the main segments are BFSI, Defence, IT and telecoms, Manufacturing, Retail and finally Education - Academia. Our target market is BFSI and especially mobile banking; only in Europe the serviceable available market is 375.92M users while the total available market is 1.8Bn users.