From the value and the benefits that having behavioral biometrics technology be as efficient as it can be, it would surprise you to know that there are businesses that still opt for inefficient rules-based anti-fraud. Cost can be a deciding factor, due to the belief that using advanced fraud solutions is beyond the reach of small to medium-sized businesses (this is a false belief).
The main fear for eCommerce merchants in particular, for example, is the potential to cause unnecessary friction in the online customer experience (UX). Invasive authentication measures can be terribly offputting for customers, and rightly so. The vast online choices today mean that anyone can find alternative services in mere minutes - and ones that have found the perfect balance between advanced, non-invasive authentication measures. Frictionless experiences are possible - and behavioral biometrics is key to seamless authentication.
The truth is, behavioral biometrics is expanding, not only in capabilities but also in the size of the market. In 2017, the global behavioral biometrics market was worth $675 million - a stark contrast to its estimated worth in 2023 at $2.5 billion. The technology has already proven its worth and as global fraud rates continue to rise, the ability to fight back must match the expectations of not only businesses but customers to keep identities, accounts and finances safe. We are witnessing some interesting times, and we await whatever developments occur in future.
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