The Gemalto Assurance Hub analyses the profile and the behavior of online banking customers in real time delivering adaptive authentication for online banking. The system activates additional authentication measures only when a user’s session seems questionable but it streamlines the customer experience when things are normal.
The Assurance Hub is a risk assessment engine that analyzes big data to understand each user’s unique behavior and then adapts the authentication method accordingly. It processes millions of transactions and thousands of attributes such as device IDs, geo-location, user behaviors, and biometrics.
How does adaptive authentication for online banking work?
Imagine a scenario in which a customer is attempting to authorize a high-value funds transfer from an unusual location. Rather than approve it with normal frictionless authentication, the system would be instructed to require additional biometric and/or other forms of authentication. If however the transaction met the customer’s normal patterns and the location and other passive authenticators appeared within scope, no further authentications would be required.
Consumers suffer from both unjustified rejection and excessive authentication steps when banking online or on mobile. The challenge is to minimize and simplify security procedures, without compromising trust.
A recent Gemalto study showed that 44% of consumers would leave their bank in the event of a security breach. Yet at the same time, online authentication is often cumbersome and painful.
“Consumers suffer from both unjustified rejection and excessive authentication steps when banking online or on mobile,” says Bertrand Knopf, Executive Vice President Banking and Payment from Gemalto “The challenge is to minimize and simplify security procedures, without compromising trust.”
While passive, adaptive authentication for online banking is not entirely new, Gemalto says its Assurance Hub is unique. It offers banks a single platform to integrate multiple fraud detection technologies and provides a single policy and fraud intelligence console. The flexible hub approach integrates a bank’s existing solutions and can grow over time to include the new fraud protection technologies.