86 400, the digital only bank NAB is set to buy, will use behavioural biometrics data to try and distinguish if someone other than the customer is accessing or creating an account.
Behavioural biometrics is a way of monitoring digital behaviour rather than verifying a person’s physical biometrics like fingerprints.
86 400 today said it has integrated a solution from BioCatch that uses machine learning and behavioural biometrics to monitor users’ device orientation, typing speed and swipe patterns. Biocatch claims it can distinguish between a customer’s usual behaviour and that of a potential fraudster.
86 400, a digital only bank built using cloud computing, says it was able to integrate the BioCatch solution in less than a month.
One of the digital challenger bank’s main appeals is a quick sign up process which has historically been seen as increasing the risk of fraud.
“Our customers love how easy it is to bank with 86 400, including our incredibly fast onboarding experience,” said 86 400 CRO Guy Harding.
“Partnering with a fellow tech innovator like BioCatch gives us best-in-class protection from impersonation fraud, without compromising our market-leading experience – particularly our two-minute onboarding for new customers.”
BioCatch CEO Howard Edelstein said, “In today’s increasingly digital world, detecting and preventing fraud is more important than ever. Our unique approach and behavioural insights are helping innovators like 86 400 to prevent fraud without getting in the way of the customer experience.
National Australia Bank announced plans to buy the digital challenger earlier this year and plans to combine it with its existing digital bank UBank. The deal is still subject to regulator approval and both banks are currently operating as separate entities.