Banks Use AI to Detect if It's Really You

Financial firms are working to identify potential fraud by analyzing how customers hold their phones, how fast they type and other information about mobile interactions--and the strategy is yielding results. Using artificial-intelligence tools to crunch behavioral data is often a more secure way to verify customers than traditional means such as passcodes, experts say. The Federal Bureau of Investigation warned companies last month that cybercriminals can circumvent typical multifactor-authentication techniques. One way is by calling a telecommunications company, posing as a customer and getting a service agent to switch that person's phone number to the criminal's device. The fraudster can then have the individual's bank send a one-time passcode to the phone and gain access to the target's bank account.