TypingDNA partners with XTN Security to help banks comply with PSD2

TypingDNA has partnered with cybersecurity startup XTN Security to help banks better defend themselves from fraud threats.

As part of the deal, TypingDNA’s typing biometrics will integrate with XTN’s behavioural fraud prevention software to passively recognise users based on their typing patterns.

With increased threats of cybercrime and regulations such as PSD2 and its strong customer authentication (SCA) policy, banks need increased protections that do not add customer frictions, the TypingDNA said.

Leveraging behavioural biometrics and streamlined risk-based authentication in this fashion, companies can access a less intrusive way to protect themselves.

XTN CTO Guido Ronchetti said, “XTN Cognitive Security Platform provides next generation fraud prevention thanks to innovative modules and solutions that meet the security needs of a wide range of businesses. Our partnership with TypyngDNA allows our partners to have relevant additional features such as typing biometrics. This will push even further user’s identity validation with unprecedented user experience.”

TypingDNA utilises AI technology to record keystroke dynamics statistics about how a user presses keys and transforms this into typing patterns. The engine then analyses and verifies the recorded typing patterns against previous patterns from the same users.

With SCA inbound, payment companies need to ensure they have two-factor authentication for their online transactions. This needs a combination of either something you know, something you have or something you are, i.e. typing biometrics.

XTN builds security and anti-fraud advanced behaviour-based solutions which protect financial transactions and mobile apps. Its real-time risk evaluation technology gives advanced endpoint threat protection, multifactor authentication and fraud prevention services. The company’s services are used for smart authentication, anti-fraud and compliance.

Fears are paramount around the implementation of SCA. Earlier in the week, the European Banking Authority stated there would be not extension to the September 14 deadline, despite fears over market preparedness.

Its reason was due to significant time already having passed for companies to ready themselves for changes, regardless of the challenge.

Payments company Stripe feels the stress on the regulation implementation. In a study compiled by the company, it prophesied Europe could lose around €57bn in economic activity during the first 12 months of SCA.

The research was comprised of responses from 500 payment professionals and 1,000 consumers across the UK, Spain, the Netherlands, France and Germany.