Impact of Behavioural Biometrics on Mobile Banking System

Abstract

The rise of online mobile banking systems has given customers a convenient and better way to interact with the bank as and when they want. Smartphones have revolutionized the world of payment. People now use mobile phones more often to make payments. But with increasing frauds and cybercrimes, customer experience and security become the major concern for any bank. In such situations, biometrics, especially behavioural biometrics, can be used. In this paper, we are going to discuss how behavioural biometrics can be widely adopted to reduce fraud. To increase the adoption of mobile payment acceptance, solutions need to be prioritized and reduce unnecessary obstacles. Customers demand mobile payments that are easy and quick. This is also used for fraud detection and prevention due to increased amounts of identity fraud attempts. Currently used methods for authentication such as passwords and email verification are quite problematic for security and user experience. This gives rise to behavioral biometrics. It is very important nowadays to authenticate the user throughout the session, and this is exactly what behavioral biometric do. Behavioral biometrics achieves this by invisibly running in the background and not interfering with the user experience. Fraud is significantly reduced by removing the setup authentication and risk-based authentication completely.