Online shopping has "seesawed during the pandemic, with increases in February followed by a 7.5 percent decline in overall spend in March"—however, it appears that fraudsters have not suffered in the same way and this raises concerns about e-commerce security both during and after the pandemic. The customer onboarding experience is of key focus here and the aim is to not only streamline the experience but to make it more secure, as well.
Biometrics seems to be a viable option for this problem. BioCatch—a startup that provides secure e-commerce solutions—raised $145 million in mid-April to update its "behavioral biometrics capabilities." The company employs artificial intelligence to verify the geolocation or keystrokes of new customers and it also has the capacity to "analyze and legitimize voiceprints or fingerprints."
E-Commerce Security Solutions
BioCatch Secures E-Commerce Onboarding with Biometric Capabilities
Trend Themes
1. Enhanced E-commerce Security - Opportunity for companies to leverage biometric technology to enhance secure customer onboarding in e-commerce.
2. Behavioral Biometrics - Adoption of artificial intelligence-powered behavioral biometrics in e-commerce for improved fraud detection and prevention.
3. Multi-factor Authentication - Growing demand for multi-factor authentication solutions to strengthen e-commerce security and protect customer data.
Industry Implications
1. E-commerce - E-commerce platforms and retailers can implement advanced security measures to build trust and protect customer information.
2. Cybersecurity - Cybersecurity companies can develop innovative biometric solutions to address the increasing security risks in the e-commerce industry.
3. Artificial Intelligence - The AI industry can provide advanced algorithms and technologies to enhance behavioral biometrics and authentication methods in e-commerce.