The cold Artic might not be an area traditionally associated with innovation, but that hasn’t stopped BehavioSec’s rise to become one of today’s hottest FinTech companies.
Its mission is simple – to create a world where consumers are part of the security solution, rather than the problem. BehavioSec’s behavioral biometric solution works on the premise that authentication should be continuous, based on identifying anomalies against learned user behaviour, rather than a one-off exercise. This pragmatic approach to security ensures that no consumer faces Fort Knox level security, where a bicycle lock would be more appropriate.
BehavioSec has already revolutionized e-banking in the Nordics. It counts Sweden’s top ten national banks and Samsung amongst its clients, and has completely transformed the adoption of mobile payments in Scandinavia.
Delivering strong security and maintaining UX
According to CEO Neil Costigan, “Our success has been based on the ability to deliver strong security without compromising user experience. The beauty of the technology is that it is completely transparent to the user, whilst allowing the bank or retailer to continuously ensure that the person using the device is who they claim to be. The machine learning algorithm builds up a unique profile of the user, based on the way they interact with their device – the force with which they hit a key, the angle they use to swipe a touchscreen, or their typing speed.”
The company, formed in 2007, has won a string of financial services awards over the last few years and is identified by the Fast Company as one of the most innovative companies in the global IT industry in 2015. It’s involvement with DARPA , the advanced research organization who brought us the Internet, is testament to the potential future applicability of the technology, beyond the banking sector.
Costigan continues, “We have seen a massive shift in the perception of our technology. Behavioural biometrics is no longer an intriguing ‘fringe’ technology, it has been successfully applied and proved at scale. The nirvana of truly frictionless authentication is not too far from reach.”