5 Reasons Why Banks Need Behavioral Biometrics

Over 9,103 bank fraud cases worth 604 billion rupees were reported across India in 2022.

Now, this is not a good sign for the banking industry. Let alone the digital banking sector.

With digital transformation on the rise, the cyber threat landscape has evolved too. Fraudsters are adapting sophisticated tactics and technologies to steal identity, data, and money for their corrupt motives. The security attacks have deep risk implications that result in financial loss, regulatory scrutiny, and depletion of customer trust and goodwill.

These repercussions have created a dire demand for stringent security in digital banking. A one that does not hamper customer experience. Banks need technology innovation that can go beyond PINs and passwords to deter security attacks without compromising customer experience, trust, or regulatory compliance.

Behavioral biometrics serve as a great solution to deter the security risks at stake. Advanced technology in behavioral biometrics can mitigate the security concerns of digital banks without impeding speed, personalization, convenience, or experience. It is a great way to build stakeholder loyalty and trust.

Want to know more about Behavioral Biometrics and the top 5 reasons why banks need them to prevent fraud? Check out our full blog here.

Write to us at business@m2pfintech.com.

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