NuData Recognized for Innovation in Identity Authentication and Fraud Prevention with 2020 CyberSecurity Breakthrough Award
Vancouver, October 14, 2020 —NuData Security, a Mastercard company, today announced that it has been named “User Behavior Analytics Security Solution Provider of the Year” in the fourth annual CyberSecurity Breakthrough Awards program conducted by CyberSecurity Breakthrough, a leading independent market intelligence organization that recognizes the top companies, technologies and products in the global information security market today.
NuData’s passive biometrics and behavioral analytics solutions provide a powerful multi-layered approach that combines passive biometrics insights and device intelligence to detect and flag risk and verify trusted users, even when the correct credentials, such as passwords, are presented.
The NuData technology can accurately detect imposters with over 99% accuracy while maintaining a sub-0.1% false-positive rate. Observing the user’s unique behavior, such as typing patterns, scrolling speed, and other measurable inherent habits, creates a unique profile of the good user that fraudsters cannot steal. NuData provides intelligence to issuers, merchants, telecoms, travel companies and more to improve their decisions, increase approvals, reduce false declines, and decide how to process a transaction based on its risk.
“With billions of records exposed through an avalanche of breaches, cyberattacks, and misconfiguration mistakes, online companies are in need of cutting-edge technologies that correctly identify customers without relying on credentials, passwords and security questions,” said Bob Reany, executive vice president, Digital Devices & IoT at Mastercard and the Head of NuData Security. “NuData is the only user behavior analytics provider offering additional layers of security, including device geo-location and connection, behavioral analytics, and a consortium of aggregated data. This allows companies to rely on just one platform instead of adding various point tools for user verification. NuData allows clients across all industries to simplify and secure the online process by removing friction.”
The mission of the CyberSecurity Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of information security categories, including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Email Security and many more. This year’s program attracted more than 3,750 nominations from over 20 different countries throughout the world.
“NuData is delivering a true “breakthrough” authentication framework that identifies customers and blocks fraudulent transactions without inconveniencing users,” said James Johnson, managing director, CyberSecurity Breakthrough. “By predicting and preventing fraud before it occurs, NuData eliminates disruption in business operations, damage to reputation, loss of revenue, and loss of customers. We are so thrilled to be able to recognize NuData with our ‘User Behavior Analytics Security Solution Provider of the Year’ award and look forward to more great solutions from them in the future.”
NuData tunes models to detect risk at different points of the user journey. Risky behavior looks different at, for instance, login, checkout, or money transfer. The model verifying risk at the new account point, for example, verifies unusual behaviors related to that particular placement, where users are new to the platform. Having a model for each use case and user endpoint is crucial to accurately verify the legitimacy of a user at the different touchpoints.
About CyberSecurity Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the CyberSecurity Breakthrough Awards program is devoted to honoring excellence in information security and cybersecurity technology companies, products and people. The CyberSecurity Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough information security companies and products in categories including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Web and Email Security, UTM, Firewall and more. For more information visit CyberSecurityBreakthrough.com.
About NuData
NuData Security is a Mastercard company. It helps businesses identify users based on their online interactions and stops all forms of automated fraud. By analyzing over 650 billion behavioral events only in 2019, NuData harnesses the power of behavioral analytics and passive biometrics, enabling its clients to distinguish legitimate users from high-risk ones. This allows clients to verify users before a critical decision, block account takeover, stop automated attacks, and reduce customer insult. NuData’s solutions are used by some of the biggest brands in the world to prevent fraud while offering great customer experience.
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*** This is a Security Bloggers Network syndicated blog from NuData Security authored by Akshay Gopal. Read the original post at: https://nudatasecurity.com/press/nudata-recognized-for-innovation-in-identity-authentication-and-fraud-prevention-with-2020-cybersecurity-breakthrough-award/