Press Release: NuData Security Harnesses Subconscious Behaviours to Predict and Prevent Online Fraud
Read the full press release on PR Newswire.
LAS VEGAS, Nov. 4, 2014 /PRNewswire/ — (Money 20/20 Booth #1028) – At Money 20/20 in Las Vegas, NuData Security will be showcasing how it uses psychological principles to strengthen its online fraud detection solution, NuDetect. Through the tracking and monitoring of subconscious behaviors, NuDetect is able to establish an unparalleled biometric identifier without the need to interrupt a user’s experience. Behavioral analysis serves as a means of understanding how legitimate users truly act, thereby predicting and preventing fraud from occurring.
- According to a recent Ponemon report, the cost of a single data breach rose to $3.5M in 2013 growing 15 percent last year, with the most costly data breaches caused by malicious and criminal attacks. The 2014 Identity Fraud Study released by Javelin Strategy & Research identified a reported increase of more than 500,000 fraud victims to 13.1 million people in 2013, the second highest number since the study began over a decade ago. Also from Javelin, in 2013, one in three people who received a notification letter from a data breach later became an identity fraud victim.
- When individuals repeat behaviors, they become committed to subconscious memory; it is a core element of human learning and development. These cover all aspects of repeated human life, from learning to walk, to riding a bike, and even entering a username and password.
- Similarly, when individuals create passwords, they are committed to memory via repetition, allowing for quick recall. This also means that individuals tend to reuse the same passwords across several websites, adversely impacting their security online.
- By understanding the psychological principles of human behavior, including memorization through repetition of patterns, NuDetect incorporates repetitive factors into its fraud prediction model, recognizing and alerting customers to impersonation attempts (known as account takeover), passively and with a high degree of accuracy.
- In a completely passive manner, behavioral analysis is able to identify suspicious activity, potentially coming from a fraudster who has procured legitimate account credentials, and stop any deceitful transactions from taking place.
- By mapping the subconscious, NuDetect is able to build a profile of a user’s behavior, and compare activity patterns against those of a potential impersonator. At a single user level, this includes how a user types, scrolls, how they hold their phone, etc. Looking at these factors are what have made NuDetect a leading detector of user impersonation, just one segment of NuData Security’s overall fraud prediction platform.
Ryan Wilk, director, customer success, NuData Security, said:
“With a continuous behavioral analysis system, organizations gain the ability to identify suspicious activity and block further account actions when necessary. The passive assessment runs unnoticed, never interrupting a user’s site visit, tracking subconscious behaviors to understand how a user truly acts. With a user ‘profile’ established, organizations have a tool to determine when action needs to be taken to prevent an account takeover – predicting and preventing fraud. Behavioral analysis has the potential to significantly reduce the damages victims of any breach suffer, adding an additional layer of protection when they need it most.”