Behavioral Analytics Help Boost Security in Real-Time, Reduce Friction for eCommerce Transactions

The pandemic has significantly changed consumer behavior and preferences, pushing banks to upgrade their processes to meet these shifting demands.

“Process-wise, comparing before and now, banks are doing things that they would never have done in a million years. It’s a really distinct shift,” Schalk Nolte , CEO at authentication firm Entersekt , told PYMNTS in an interview.

In the retail space, for example, the boom in eCommerce sales has led to a spike in fraud, forcing financial institutions to implement innovative solutions and adopt extra authentication methods to minimize the increasing credit card and debit card fraud threats.

Capitec Bank, one of the largest retail banks in South Africa, has recently partnered with Entersekt in a deal that will involve implementing the firm’s latest solution.

According to Nolte, the solution, which leverages behavioral analytics from Mastercard company NuData Security, boosts the security of eCommerce payments in real time, while creating a differentiated, frictionless eCommerce experience for cardholders.

“Depending on what you do, where you’re coming from, how you hold the device or how you click your mouse, all of which are behavioral, we can determine the best authentication for a specific transaction in real time and ensure that there is a balance between [digital] security and user experience,” Nolte explained, adding that he sees context-aware authentication as the future of authentication.

Read more: Bonifii and Entersekt Offer Biometric Context-Aware Authentication for Credit Unions

With friction removed from the authentication process, banks no longer have to make the difficult tradeoff between great user experiences and great security, he added.And despite the buzz around convenience and the need to simplify processes to the bare minimum effort, Nolte said that many customers do prioritize digital safety over convenience and find it empowering to play an active role in authenticating their payments.That empowerment builds trust, he said, […]

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