Aite Group Report Highlights NuData Security as a Leading Behavioral Analytics Vendor

VANCOUVER, British Columbia, June 25, 2015 /PRNewswire/ -- In a new impact report, Aite Group research director Julie Conroy finds that the use of knowledge-based analytics are on a fast decline, while various forms of behavioral analytics continue to see strong growth. Behavioral analysis is a cornerstone of NuData Security's fraud prevention and detection solution.

Conroy's new report, "Digital Channel Fraud Mitigation: The Mobile Force Awakens," details the latest threats to banks and their customers, and looks at the technologies being used by banks. The research is based on spring 2015 Aite Group interviews with 26 fraud executives from 19 North American financial institutions that have more than US$50 billion in assets. The report details the latest threats to banks and their customers, and delves into the technologies that banks are using today and those they will roll out over the next two years.

Report findings include:

• More than half of the banks using knowledge-based authentication technology expect their use of the technology to decrease over the next two years.
• Six of the interviewed banks will enable biometrics for mobile banking login by the end of 2015.
• Various forms of behavioral analytics continue to see strong growth, with the majority of banks having at least one solution in place and many having a second in either production or pilot.
• Seventy-nine percent of banks expect to increase investment in online and mobile fraud mitigation technology spending over the next two years.

Examples of behavioral analytics/biometrics can include the way someone types, holds their device or otherwise interacts with it. When combined, continuous behavioral analysis and compiled behavioral biometric data deliver far more intelligence than traditionally available without interrupting the user's experience.

NuData Security's NuDetect online fraud engine, which uses continuous behavioral analysis and compiled behavioral biometric data, is able to predict fraud as early as 15 days before a fraud attempt is made. The early detection offered by NuDetect provides organizations with the time to monitor, understand and prevent fraudulent transactions from taking place.  

Julie Conroy, research director, Aite Group, said in the report:
"While this technology is sometimes classified as biometrics, it is not subject to the same onerous laws as traditional biometrics, therefore Aite Group categorizes them as a form of behavioral analytics. Leading vendors in this arena include NuData Security. When the biometric is paired with strong device authentication, it is even more difficult to defeat. Many biometric solutions also include liveliness checks, to ensure it's a human being on the other end."

Michel Giasson, CEO, NuData Security, said:
"With continuous behavioral analysis paired with enhanced Device ID and biometric analysis, NuDetect offers a combination of layers in one solution unmatched in the fraud detection space. Organizations gain the ability to identify suspicious activity, while tracking and analyzing behavioral biometrics helps us understand how a user truly acts – and, in turn, helps us verify good users from bad ones. As Aite outlined, identifying and baselining good customer behavior, then identifying deviations from this is a point of emphasis for executives looking to advance their behavioral analytic capabilities."

About NuData Security
NuData Security predicts and prevents online fraud, protecting businesses from brand damage and financial loss caused by fraudulent or malicious attacks. NuData Security analyzes and scores billions of users per year and services some of the largest ecommerce and Web properties around the globe. Additional information is available at: http://nudatasecurity.com/

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