May 25, 2016 -
Identity verification and fraud detection firm NuData Security has partnered with the National Anti-Organized Retail Crime Association (NAORCA) to combat the global epidemic of organized retail crime.
Industry experts estimate the cost of organized retail crime in the United States alone to be $30-$40 billion a year, and climbing.
NAORCA is an association of more than 3,000 corporate security and law enforcement officials addressing organized retail crime through collaboration, education, training, and awareness and working for stronger legislation. Its advisors include John Mearls, director, global asset protection, PayPal and Scott Ziter, Director of Asset Protection from the Golub Corporation.
“The data breach landscape continues to expand, and traditional fraud detection methods clearly aren’t working,” said Michel Giasson, CEO of NuData Security. “By harnessing the power of enhanced device identification, passive biometrics and behavioral analytics, NuData Security helps our customers verify the user behind the device. We’re looking forward to working with NAORCA in the fight to make the Internet a safe place to work and play.”
Christopher McGourty, Executive Director, NAORCA, commented: “A new generation of organized retail crime calls for new strategies and tactics. To do this, we work alongside businesses and law enforcement, with the goal of making a global impact. We welcome this collaboration with NuData and believe its unique approach to fraud detection and prevention will be a valuable asset in our fight.”
Earlier this month, NuData Security announced that it has more than doubled behavioral transaction volume in the past year. From 2014 to 2015, NuData increased the number of transactions it processed across the web from 18 billion to 38 billion. This year, the company is on track to process 80 billion transactions.