AimBrain is a fintech company that uses biometric authentication to fight fraud in the banking industry. Find out how AimBrain works today in our review.
What is AimBrain?
AimBrain is a London-based startup that offers a powerful verification platform to banks and financial service providers. Specifically, the company offers biometric identity as a service with the goal of helping banks and other financial institutions fight fraud.
The company recently announced that it had received £4 million in Series A funding. AimBrain was founded in 2015.
AimBrain aims to introduce several key innovations to the world of biometric identification. We already have biometric identification platforms that uses things like voice recognition or iris scanning. However, AimBrain plans to take that a step further by analyzing customer behaviors like typing speed and the way your hand shakes when using your device. AimBrain isn’t the first company to propose biometric identification markers like this.
One of the things that makes AimBrain unique is that it uses a plug and play modular approach, allowing banks to use all three forms of authentication at the same time – or in a granular fashion. That means a bank could use behavioral authentication in the background to allow someone to access a banking app without the need for multiple passwords. If the same customer then phones the bank’s call center, voice analysis could also be used to verify that customer. In-branch, or using ATMs, the banks could use facial recognition.
If AimBrain detects unauthorized usage on the account, then they may ask the customer to perform an additional check – like a voice verification or face check.
No single biometric signal is secure on its own. AimBrain wants to ensure banks can protect themselves from fraud using multiple stages of verification.
Overall, AimBrain claims their technology “is smarter than any other biometric in the industry.”
AimBrain aims to protect banks and financial institutions against fraud by helping to verify customer identities. Here are some of the core features of the platform:
Multiple Verification Methods: Behavioral, face, and voice recognition is available in a multi-module platform. It’s a multi-application biometrics authentication solution in a single platform that aims to improve the user experience for customers.
Smarter Authentication: Banks can access unique data, like seeing how a customer accesses his or her banking app on their mobile device, for additional verification protection.
Identification: Banks can request an additional level of verification if they detect unauthorized usage of an account. The bank can determine if the client is legitimately accessing their account, or if they identified an imposter.
Prevent Fraud: The overall goal of AimBrain is to use the latest biometrics technology to prevent and protect against fraud.
How Does AimBrain Work?
AimBrain works in a straightforward way. Here’s the step by step process:
Users attempt to login to AimBrain with a PIN. If that PIN is correct, then the AimBrain authentication score is sent to the bank’s risk engine. If that authentication score matches a certain threshold, then the user’s activity is almost certainly not fraudulent. The bank’s security platform approves the request, and the user receives access. There’s no need for additional security measures at this point.
Users navigate their account. Once a user is logged in and happily using their account, they’re still subject to security screening activities. AimBrain is “continuously authentication the user, constantly recalculating the authentication score and sending it to the bank.”
AimBrain alerts of any possible problems. If the authentication score suddenly drops, for example, then AimBrain can determine why the score dropped. They might notice a change in typing speed or touch pressure, for example. AimBrain claims to use “an infinite list of metrics”, and any one of them could trigger a drop in score.
AimBrain responds to the threat. Using AimBrain, the bank requests a “step up” authentication. The user needs to verify by face or voice, depending on the bank’s security protocol.
Confidence is restored. The user has provided a sufficient response to the security step up request.
Large transaction requests. When a user wants to make a large transaction, banks can require that user to enter additional authentication information. If the authentication is successful, then the transaction will be completed.
Ultimately, users enjoy a seamless banking experience until they receive a step up request. Many users will never receive a step up request. AimBrain works in the background to analyze user activity. From the user’s end of things, it’s seamless and non-invasive.
AimBrain was founded in 2015 by Andrius Sutas and Alesis Novik. The two founded the company after they both went through Entrepreneur First.
The latest Series A funding round raised £4 million. The round was led by BGF Ventures with participation from Episode 1, Entrepreneur First, and a number of angel investors.
AimBrain is based in London, but has opened sales offices around the world, including in Dubai, Abu Dhabi, Lagos, and Johannesburg.
In addition to the two founders, the company consists of “a team of world-class machine learning experts and PhDs with a wealth of experience in the technology and finance industries.”
Global banking fraud has surged in the past year. AimBrain aims to protect banks and financial institutions against fraud using an intensive verification system – which involves voice and face verification, passwords, and even an analysis of how your hand shakes when you use your phone, or how fast you typically type.
The verification processes are run in the background, without the users’ knowledge. Users enjoy a seamless banking experience until they face a “step up” request, at which point they may need to provide voice or face recognition.
Look for AimBrain to continue rolling out over the coming months. Your bank could be adding it to your mobile banking app in the near future.