Banks watch the way you walk, sleep and type to catch scammers

High Street Banks have started to follow the ‘walk style’ of each customer in an effort to tackle a huge increase in fraud.

Banks are using the cell phones of customers of their banking apps to monitor their daily habits, including the way they walk, sleep and even type, to prevent criminals from stealing their money.

New spy technology can monitor each customer’s individual gait, as well as how hard they hold their phones and how they tap on the screen.

If this behavior changes, the software will report suspicious activity and could cause the bank to call or immediately block cash transfers.

Technology means “we know if someone else is accessing your account”

A senior banking source said the “behavioral biometrics” technology had been “very effective” at preventing fraud since its covert introduction in recent months.

Advanced security systems, including behavioral biometrics, have prevented more than £ 736million of fraud in the first six months of 2021, the source added.

“We can monitor your behaviors, such as when you typically fall asleep, to see if someone else is accessing your account,” the source said.

“It also shows your habits – things like how you hit your keys on the device, how you hold the device, how you press your password, or how you slide the screen. can usually press the letter L particularly hard.

“We can also use tools inside someone’s phone to monitor their individual walking style. If these things suddenly change, it could be a sign that someone’s account is illegally compromised.

Banks use technology to detect when someone has had their phone stolen and the criminal is trying to access their money through their banking app.

The software can also be used to identify when fraudsters have used a fraudulent text or phone call to trick a victim into disclosing their financial information.

In May, the Information Commissioner wrote to UK Finance, the body representing the banking and finance industry, warning that the use of behavioral biometric technology should be ‘targeted and proportionate’ and only if the objectives’ do not can be reached in a less intrusive manner. ”.

A high-level source said the banking industry was doing everything possible to stop the fraud, but feared it would “harass” too many innocent people.

“False positives are a real challenge for us,” the source said.

“We cannot call our customers and block their accounts without a valid reason to believe that they may have been the target of fraud.

“So we’re developing a lot of ways to target criminals in a way that won’t hurt us commercially. “

Huge amounts of money lost due to fraud

According to UK Finance’s Take Five campaign, an average fraudulent call lasts around 43 minutes. On average, a payment is made halfway through that call. It could mean that someone’s life savings are wasted in less than half an hour.

Source link

Comments are closed.