Dan Slate - Wealthfront | Biometrics & continuous authentication | Innovator Series

Dan Slate, Senior Director of Product at Wealthfront, shared the effectiveness of implementing biometrics and continuous authentication in delivering a more personalized, secured, and valuable experience to their clients.
"Targeted, effective, and seamless identity verification allows us to deliver a more personalized and valuable experience to the clients that we trust.
To implement identity verification, we try to take a targeted approach. Either by using signals that suggest that someone's riskier to trigger identity verification and allow us to reduce the likelihood that they're a fraudulent user, or allowing our customers to opt into additional verification as a way to get us to trust them more.
Identity verification and biometrics paired with things like our traditional KYC checks are a great toolkit to be able to ensure that we are verifying that the customers who are using our platforms are who they say they are, and that we can actually give them the abilities on the platform that we want to allow them to accomplish. And so we start with KYC, we can step up to identity verification, and then we can step up further to biometrics things like liveness, eventually, voice recognition. All of those solutions together give us a great toolkit to ensure that we're allowing clients to access the features on our platform but also managing our risk as well.
It's extremely important for us to think about customer authentication beyond just that initial signup event based on the risks that they present and the actions that they're taking across our platform from day one through day 100 or beyond.
We want to have the ability to re-prompt them for verification if they're trying to take a high-risk action. And so, biometrics allows us to recapture and re-verify that they are actually who they say they are, without the ability to actually verify their aliveness, their biometrics, there's really it's very difficult to present prevent against those types of attacks.
The exciting part is can you start to imagine passive ways of detecting whether or not the person using the device taking the action is actually the person who they say they are, and that further adds to convenience and reduces friction without compromising security."
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