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AimBrain raises £4m to tackle online fraud with biometrics

Hannah Boland
AimBrain's authentication service uses biometrics to track how a user interacts with a device

Cyber-security minnow AimBrain has raised £4m to help tackle the problem of rising online fraud levels faced by banks in what it called a "broken" system. 

London-based AimBrain, which was founded in 2014, said the way in which banks currently identify customers online is "unsafe, expensive, unpopular with customers and incompatible with global regulations". 

Global banking fraud has risen 26pc over the past year, and mobile and internet banking fraud is up 64pc year on year.

Late last month an investigation by comparison site found the number of people cancelling their debit and credit cards due to fraudulent activity was up 1m over the year to 5.5m. 

In response to this rising problem, AimBrain is developing an authentication service using biometrics to track how a customer interacts with a specific device, including touch pressure, typing speed, and whether the user's hand shakes when holding their phone or tablet. 

"No single biometric is good enough in itself. To mitigate as much risk as possible, you need a platform approach," said AimBrain co-founder Andrius Sutas.

AimBrain co-founders Alesis Novik and Andrius Sutas

Users can be asked by the company's service to step up the evaluation, to include facial or voice recognition as well, if there is any uncertainty in the behavioural analysis of the customer using the app. 

AimBrain said it was continuing to develop and build its own technology, though said to do so it would need to keep growing its team. 

The £4m fundraising round, led by venture capital firm BGF Ventures, will help AimBrain expand across its officers, located in Johannesburg, Lagos, Dubai and Abu Dhabi.

What are banks supposed to do when customers report fraud?