There is a possibility that an attacker managed to steal the end-users' credentials and thus knows usernames and passwords for logging in to the mobile banking app. Fortunately, it does not necessarily have to be the worst-case scenario. To secure a high level of protection even in such situations, banking applications can be protected with the behavioral authentication and fraud detection. In other words, not only it’s important what information the end-users insert, but also in what manner - how they behave.
01. Behavioral Authentication
Wultra’s authentication systems are integrated with behavioral authentication and identity sensing technologies. This advanced machine learning technology based on deep behavior scoring recognizes whether it’s a legitimate customer or a cybercriminal who is trying to log in to the app. To distinguish a legitimate user from a fraudster, a wide range of indicators is used, such as typing speed, mouse cursor movements, user’s location or analysis of various attributes of the payment. Security is strengthened by requesting a stronger authentication from the user or postponing the payment until manual verification when there is a suspicion of fraudulent behavior.
02. Fraud Detection
Wultra Anti-Fraud Suite (AFS) is a security solution that is based on machine learning and artificial intelligence algorithms. The AFS is able to detect traditional as well as modern fraud and cyber threats that endanger online banking, transaction systems and sensitive applications. The Anti-Fraud Suite combines threat detection and transactions monitoring analysis. This in fact means that it analyses a wide range of detailed information about the app, its user and the communication content itself. All this data help create user’s deep behavioral profile which contains data concerning mouse movements, typing mistakes, device information and many more. The whole process is done on the background and goes throughout the whole customer’s journey in the banking application. This results, among other benefits, in the possibility of immediate detection and termination of fraudulent activities.