May 14, 2016 -
Identity verification and fraud detection firm NuData Security announced that it has more than doubled behavioral transaction volume in the past year, following rapid adoption of its NuDetect solution which allows customers to leverage passive biometrics, device and behavioral analytics to verify good and bad users online.
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.
NuData is leveraging this significant growth in behavioral transactions to increase the efficacy of its solution by identifying trends, including high-risk log-ins increasing by more than 10 times over last year, spoofing behavior rising by more than 270% in the past month, and account creation fraud growing by 10% over last year.
Using NuDetect, new accounts are compared to the billions of digital indicia in the NuDetect consortium in an effort to help identify risky behavior previously seen in other customers’ accounts – cross industry and cross vertical.
This increased adoption of NuDetect has enabled NuData to increase its revenue at a double-digit rate.
NuData’s solution has already received several accolades this year, including 2016 Merchant Risk Council METAwards in the established category, 2016 Info Security Product Guide’s Global Excellence Awards’ “Gold award in Security Products and Solutions for Online and E-commerce” award, 2016 Pay Awards’ “Judges’ Choice Category” award, and 2016 Cyber Defense Magazine Infosec Awards’ “Most Innovative – User Behavior Analytics” award.
“Greater security is a mandate today, but it must be done in such a way that the user experience doesn’t suffer,” said Michel Giasson, CEO, NuData Security. “Our solution enables frictionless, accurate user authentication, and the industry has responded with rapid adoption of our strategy and ongoing recognition for its innovative approach. We take inspiration from the classic Tim Horton’s coffee order— double double—and are on track to double our revenue and our staff in the coming year.”
Last month, NuData Security appointed Robert Capps as vice president of business development.