ANZ Bank believes its “behavioural biometrics” technology is an added layer of security in its digital channels.
Sacha Thiel, Head of Business Platform Services at ANZ Bank noted “we are boosting our fraud prevention controls and strengthening real-time fraud detection capabilities in our digital channels by introducing behavioural biometrics”.
Behavioural Biometrics: Additional layer of security
Ms Thiel noted “Behavioural biometrics is an innovative technology that takes behavioural signals from how a customer interacts with a web page or device and, adds an extra layer of security and fraud detection.
It can help identify situations where it’s likely a device is being used by an imposter or fraudster rather than a genuine customer.
This technology analyses a customer’s digital interaction behaviours such as keystroke movement and other behavioural attributes.
The ANZ Behavioural biometrics solution uses artificial intelligence and machine learning to help protect digital channels against account takeover and fraudulent transactions.
Cyber attacks on the rise
Earlier this year ANZ, along with a number of other financial institutions, was the target of a so-called ‘smishing’ attack.
A number of customers reported receiving phishing messages asking them to verify their accounts.
The Australian Competition and Consumer Commission’s ScamWatch revealed cyber scams are up 59 per cent in 2022. The news comes even as nearly half of CIOs are concerned their Cybersecurity is not keeping pace with the digital transformation efforts.
