PYMNTS.com wrote a feature article on Synapse and its user authentication experience and our behavioral analytics with quotes from our CEO, Sankaet Pathak.
Beginning with the fact that identity theft is running rampant, the article explains that companies must continually prove that customers are who they say they are. This is a challenge because maintaining a smooth user experience during the onboarding experience is essential as you ensure security goals are met.
“When it comes to onboarding, the most important thing is [determining] the likelihood of identity theft … while also having a very streamlined and simple onboarding process,” Sankaet Pathak, founder and CEO of banking-as-a-service platform Synapse, told PYMNTS in a recent interview. “You want to be able to ask the customer for the least amount of information you can while still being able to do the assessment you need.
The article goes on to explain the importance of both a smooth and secure user authentication during onboarding because that's when an identity fraudster has the most significant opportunity to infiltrate the system.
Behavioral analytics comes into play when monitoring customer behavior on an ongoing basis. A fraudster may be difficult for a human to identify, but a behavioral analytics engine can alert a company right away by detecting unique keystrokes and swiping patterns.
The article ends by calling out that user experience plus a reduction in fraud losses can save money for businesses, and behavioral analytics could be the perfect balance between security and seamlessness.
We invite you to read the PYMNTS.com How Synapse Ensures A Smooth and Secure Authentication Experience Via Behavioral Analytics article and chat with us on our website if you have any questions about Synapse Financial or our CEO Sankaet Pathak.
