National Australia Bank considers behavioral biometrics for fraud prevention

Tuesday 9 April 2019 10:34 CET | News

The Sydney Morning Herald has reported that the National Australia Bank is discussing how to leverage biometric technology to protect customers from new kinds of financial crime.

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.

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Keywords: National Australia Bank, behavioral biometrics, fraud prevention, financial crime, AI, banks, Latin America, Australia, fraud detection, identity, takeovers, money laundering
Countries: World

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