Gemalto tackles online banking fraud with biometric hub

Gemalto Assurance Hub uses big data to understand user behaviour and adapt the banking authentication method accordingly

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Gemalto tackles online banking fraud with biometric hub Bertrand Knopf, executive vice president Banking and Payment from Gemalto
By  Aasha Bodhani Published  July 2, 2017

Gemalto has announced its plan to tackle online banking fraud with the launch of its machine learning and biometric solution.

Dubbed the Gemalto Assurance Hub, the solution works by analysing the profile and the behaviour of customers in real-time.

The Gemalto Assurance Hub offers banks a single platform which integrates with fraud detection technologies. The platform uses a flexible hub approach - it can easily integrate banks' existing solutions as well as evolving over time to include the latest fraud protection technology.

The hub also relies on big data, as it processes millions of transactions built from thousands of attributes (such as device profiling, location, user behaviour, biometric data  or keypad style) to analyse behaviour  in real-time and  trigger appropriate authentication checks when needed.

By analysing millions of transactions it is capable of noticing when a high-value transfer is made from an unknown location, promoting it to request biometric authentication before validating the transfer.

Bertrand Knopf, executive vice president Banking and Payment from Gemalto, said: "A recent Gemalto study showed that 44% of consumers would leave their bank in the event of a security breach, and 38% would switch to a competitor offering a better service. At the same time, consumers suffer from both unjustified rejection and excessive authentication steps when banking online or on mobile.

"The challenge is to minimise and simplify security procedures, without compromising trust in the digital banking domain. This is what the Gemalto Assurance Hub does so easily," he added.

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