The Silicon Review
NuData Security predicts fraudulent transactions by identifying good users from bad based on their online behavior. By studying over 20 billion behaviors annually, NuData harnesses the power of behavioral and biometric analysis, enabling clients to predict fraud with 99% accuracy, allowing them to predict fraud before a critical decision, reduce customer insults, and investigate bad actors efficiently.
As the number of data breaches increases – fueled by malware, automated attacks and other scams – identity theft and fraudulent account creation are on the rise. To fight this trend, companies need an enhanced method to protect themselves and their valued customers. Many organizations try the traditional approach to fraud prevention – but these tighter, rules-based systems give rise to new risks and result in rejecting orders placed by good users, losing customer trust and their money due to what’s called in the business “customer insult”, a false positive fraud decision.NuData Security’s solution allows businesses to improve the experience for good users by removing higher friction security controls and reducing impact to the customer even if their personally identifiable information is in the wrong hands. The product predicts and prevents online fraud, protecting businesses from brand damage and financial loss caused by fraudulent or malicious attacks.
Understanding user behavior in the online world
NuData Security focuses on user behavior and dedication to accuracy achieved through a number of layers working together such as DeviceID, Connection, Geolocation, Behavioral Biometrics, and Behavioral Analytics.
Their solution harnesses behavioral attributes and passive biometrics to establish how legitimate accountholders actually act. It’s a relatively new and somewhat rare form of biometric security analysis, which relies on user-specific, patterns of behavior to detect unusual behavior and identify it as a risk.
Team NuData specializes in understanding how users behave online to verify if someone is the real user, or to flag the users’ activity as that of an imposter, a malware or other high-risk actions. By learning how users behave from the beginning of account creation and continuing through login and every interaction on a mobile or native web site, they are able to detect behaviors that indicate fraud could occur in the future – making fraud prediction a reality. It’s that deeper level of trust, of knowing the user is who they claim to be through passive behavior monitoring, that in turn is used to stop fraudulent activities from happening elsewhere, including the use of stolen identities, account takeover and fraudulent account creation.
Eliminating business disruptions through NuDetect
By predicting and preventing fraud before it occurs, NuDetect eliminates disruptions in business operations, damage to reputation, loss of revenue and customers all while providing an improved customer experience. With capabilities that are underpinned by user behavior analytics, NuDetect has the ability to recognize minute patterns of behaviors across billions of user interactions in real-time and provide a single management interface that delivers comprehensive intelligence, negating the need for more expensive security controls. It undoubtedly gives clients the unparalleled accuracy in knowing when users are behaving as expected or if they are behaving in a fraudulent way.
Talking about what made the company gain popularity in the last few years, team NuData said, “One of our key points of differentiation is our focus on the good customer experience. Our solution’s strength is in the layers of the intelligence we collect and measure using a unique combination of machine-learning predictive analytics, passive biometrics, and non-PII based behavioral network effect. We work closely with the largest ecommerce vendor globally to not just to keep pace with the rise of sophisticated attacks but to stay ahead of it, to predict fraud before it happens. No other competitor can do exactly what we do.” Unlike all other competitors, NuDetect monitors different touch points in the user’s environment, identifying trends to help organizations know the user behind the device and better understand how users interact within their environment, allowing them to either substantiate the positives or understand the risks.
Michel Giasson, CEO and co-founder, is responsible for the overall strategy and day-to-day operations. He was previously a partner in a major law firm where he founded and led the Technology Group. Michel recently was a finalist for Ernst & Young’s Entrepreneur of the Year Award.
Christopher Bailey, CTO, and co-founder, is responsible for the strategic vision and direction of technology solutions. He has previously founded H2O and Secure Networks and was also an investor and early participant in Security Focus.
Other key leadership positions are held by Jules Campeau, CMO, and Curtis Sikorsky, CFO.
San Francisco, CA, Boston, MA; Salt Lake, UT; Beaconsfield, UK and Vancouver, Canada
NuData Security’s NuDetect solution is currently in use with many of the Fortune 50 companies of the world, and runs on three of the top ten ecommerce sites in the world. The system has profiled approximately 2 billion users.
Target area of clientele:
Ecommerce, Financial Services, Healthcare, Online Gaming and Digital Goods Businesses
“Within the first week, NuDetect discovered an exploit that had already cost us over $100,000.” An International Digital Goods Firm