NuData Security Calls on Industry to Adopt New Fraud Prevention Paradigm

Four-pronged Approach Increases User ID Rate to +99 Percent and Removes Value From Stolen Data

01 Mar, 2016, 07:47 ET from NuData Security

SAN FRANCISCO, March 1, 2016 /PRNewswire/ -- (RSAC Booth #3041) – True fraud costs business $9 billion every year, but a whopping $118 billion is lost to false positives, where good customers are pushed back due to overzealous and inaccurate fraud detection. At the RSA Conference 2016, NuData Security is calling for a fundamental shift in the way companies handle authentication by devaluing the data fraudsters have in abundance in favor of biometric and behavioral analytics.

Cheap and readily available PII for fraudsters renders traditional authentication technologies nearly useless because there just isn't enough data available for a fraud department to be sure they are making the right call. A new security methodology, one that looks at who the user is behind the device, offers far greater accuracy. If you truly know who the user is, whether good or bad, you revolutionize how to prevent fraud without causing customer friction.  

  • Multiple layers of intelligence: NuData Security has distinguished four essential layers to significantly increase fraud detection: device, connection and location identification; behavioral analytics; real-time entity linking; and behavioral biometric verification.
  • Positively identifying more users: Using more layers within a single platform to validate a user increases the likelihood of positive user identification, which reduces false negatives.
  • More confident identifications: As more layers overlap in the identification of a user, the confidence of the identification increases, which increases the true positives. Users of NuData Security's NuDetect are able to identify more than 99 percent of users.
  • Devaluing the data: Behavioral biometrics monitor physical usage signals such as the angle at which the device is held, typing speed and typical website navigation patterns to create a unique, behavior-based user profile that is far more detailed and reliable than standards like passwords and usernames. This data cannot be used if stolen, rendering it worthless to cybercriminals.

Ryan Wilk, vice president of customer success, NuData Security, said:
"Traditional authentication methods like usernames, passwords and personal information are no longer effective. A paradigm shift in how we view fraud detection is essential to solve the current challenges we face across industries. Knowing a consumer's behavior patterns transcends reliance on static identities and provides a stronger, better approach. The benefits here are twofold. First, behavioral biometrics adds the missing piece to a modern user authentication strategy, significantly increasing accuracy. Second, these pattern sets cannot be mimicked if stolen, which makes the data useless to criminals and therefore not worth their time. It's a totally different way of thinking about fraud detection and protection, and one that's highly necessary."

About NuData Security
NuData Security predicts and prevents fraudulent transactions by identifying good users from bad, based on their online behavior. By analyzing over 20 billion behaviors annually, NuData harnesses the power of behavioral and biometric analysis, enabling its clients to predict fraud with 99 percent accuracy. This allows clients to predict fraud before a critical decision, reduce customer insult, and investigate bad actors efficiently. 

NuData Security's product, NuDetect, is trusted by some of the largest e-commerce and banking companies in the world to protect them from threats like automated account creation, account takeover and transaction fraud. Additional information is available at: http://nudatasecurity.com/

PR Contact:
Jessica M. Pasko
Nadel Phelan, Inc.
+1 831-440-2412
jessica@nadelphelan.com

Logo - http://photos.prnewswire.com/prnh/20140918/147084

 

SOURCE NuData Security



RELATED LINKS

http://www.nudatasecurity.com