National Australia Bank (NAB) is implementing behavioral biometrics technologies to combat online fraud.
Speaking at the Australian Banking Association Conference, CEO Andrew Irvine highlighted the bank’s new predictive tools, which analyze users’ interactions with their devices, such as the angle at which they hold their phones and keystroke patterns.
“We’ve added tooling that looks at biometrics and the way you actually interact with your devices and how you think about keystrokes,” said Irvine. “If these things are different to how you’ve used your phone in the past, our intelligence will kick in.”
The tools help identify deviations from usual behaviors, triggering fraud alerts when suspicious activity is detected. This approach is meant to make it harder for scammers to succeed.
Irvine emphasized that Australia is one of the few countries where bank fraud has decreased, attributing this success to the bank’s proactive measures against fraud. The need for such measures is heightened by scammers’ increasing use of sophisticated technologies, including artificial intelligence, to deceive their victims.
Source: PYMNTS
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July 3, 2024 — by Ali Nassar-Smith
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