The FINANCIAL -- Mastercard on March 29 announced it has entered into an agreement to acquire NuData Security, a global technology company that helps businesses prevent online and mobile fraud using session and biometric indicators.
The Internet of Things is creating a more digitally-driven and digitally-connected world, with an estimated 50 billion smart devices to be in use across the globe by 2020. While such connectivity can create unparalleled convenience for consumers to pay how they want, when they want, it remains critically important to keep all transactions secure, according to Mastercard.
Mastercard will build on its commitment to drive greater protection in the digital space, integrating NuData to its already robust suite of fraud management and security products. The acquisition will also strengthen its efforts around device-level security and authentication, enabling near real-time collaboration between issuers, merchants and processors.
“Securing all payments today and tomorrow remains a top priority for Mastercard,” said Ajay Bhalla, president of enterprise risk and security for Mastercard. “The addition of NuData will build on our layered security strategy to safeguard each and every transaction across the globe. The combination of session and biometric information will provide even richer context around potential cyber and device-specific threats, enabling us to deliver even greater trust and peace of mind.”
NuData’s flagship NuDetect product identifies authentic users from potential fraudsters based on their online, mobile app and smartphone interactions, flagging those that represent the highest risk. The technology assesses, scores and learns from each online or mobile transaction to enable merchants and issuers to make near real-time authorization decisions.
“We’re excited to join the Mastercard family,” said Michel Giasson, chief executive officer, NuData. “For nearly a decade, we’ve worked to develop innovative solutions to help transform the way banks and merchants digitally interact with consumers. Those efforts will continue and accelerate through our collective enhanced capabilities to secure the digital landscape, while offering an enhanced user experience.”
Terms of the agreement were not disclosed.