National Australia Bank considers behavioral biometrics for fraud prevention

The NAB has discussed with two Israeli artificial intelligence and biometrics companies, and it has run a pilot with a biometrics provider in order to identify suspicious behavior. The bank mentioned that the provider is a behavioral biometrics company like BioCatch, however the group is not identified in the report. Moreover, BioCatch announced several new tier-one bank customers in Latin America had signed on for its fraud prevention technology in October 2019.

Also, AI big data company SparkBeyond is also reported to be close to a deal with the NAB. Australia’s banking royal commission criticised the country’s banks for poor fraud detection capabilities. As such, the biometrics provider the NAB is in talks with offers a solution for preventing identity takeovers, money laundering, and other financial crime.