Are you worried about passwords being leaked?

While banks struggle to realize the actual loopholes in their security, ill intentions continue to accomplish their objectives. One of the most important fraud, enterprises are seeking protection for, is account takeover (ATO). Banks are saddled with 3 major problems. Customer passwords being stolen, Employees sharing passwords and Automated attacks on mobile and web apps using scripts.

Even OTPs are not safe anymore, especially for payments. Unfortunately, even NIST (National Institute of Standards and Technology) recognized their fragility. Biometrics should be the key to enable fast and secure payments, but the implementation methods today don’t add up to any real security. 

In cases when the password is stolen or foolishly shared, behavioural analysis can be deployed to recognize the owner entering the password. Following this, the company gets an alert and prevent the access from the malicious user.

Bengaluru-based startup neoEYED discovered that the mobile phone is able to recognize a user in a 100 different ways using the ‘behavioural traits’. These traits usually involve the way an individual interacts with the phone and similar other actions. They are using AI algorithms to identify anomalies in an organisation's security system and can raise appropriate alerts for immediate action.

neoEYED digital security solution, when embedded in an organisation’s applications, approaches cybersecurity with the following use cases:

• Preventing account takeover and password sharing: The neoEYED algorithm monitors 100+ behavioral factors to detect anomalies and prevent account takeover in real time. 
• Detecting Automated BOT Attacks: Recognizing human and non-human behavior from entities like BOTs and protecting a smartphone user from malicious activities.
• Proofing Account Identity: Monitoring new account creation and helping you flag suspected accounts before they are used for frauds.

The result is an invisible layer of security that doesn’t stress the users with additional permissions and blocks password sharing, account impersonation, malicious bots, fake accounts creation and remove the needs of OTPs authentication.

There are 17 companies in the US that neoEYED has to compete with such as CyberGRX, JASK, UnifyID, Dragos, HackerOne, StealthSecurity. In India other security players are Ineffu, Kratikal Tech and AppKnox.