Fraudsters may be creating fake accounts to make purchases using stolen credit cards, or using identifiers from the dark web to apply for lines of credit. In these unusual times as being experienced due to Covid-19, unexpected activity can raise so many alarms as to render them white noise.
This has been stated by NuData, a Mastercard company that uses passive biometrics and analytics to weed out illegitimate users for financial institutions and merchants worldwide, spotted a 679% increase over average in suspicious account creations for one global retailer.
Advancements in biometrics —the technologies that use our unique attributes for identification and authentication — are shifting from knowledge-based methods of verification to recognition-based ones, according to “From Password to Person: The Evolution of Biometrics,” a Mastercard white paper produced with Purdue University researchers.
Physical biometrics — those that compare physiological credentials such as a fingerprint to a verified match — have become commonplace for mobile devices since their introduction in the early 2010s.
“Security and a seamless experience should never be mutually exclusive,” says Ranjita Iyer, senior vice president, Identity Solutions, Cyber & Intelligence. “Physical biometrics solves for both, helping us deliver greater trust in the digital payment ecosystem, particularly at a time when peace of mind is in such short supply.”