Behavioral biometrics specialist NuData Security has announced upgrades to its online fraud detection system. The company reports that NuDetect now offers 97 percent accuracy in user identification.
The main thrust of the enhancements is that the system has been refocused to look at the overall lifecycle of fraudulent activity, rather than just at incidents of fraud as they occur, as in the case of online purchases and so on. NuDetect now offers an “early warning system” via its upgraded user interface, providing clients with the ability to detect fraud up to 15 days before the actual act takes place. According to the company, clients are already reporting that they’ve discovered a strong correlation between NuDetect’s alerts and acts of fraud, with one company asserting that they were able to discover activity conducted by “an organized fraud ring”.
NuDetect identifies users by analyzing behavioral patterns in online activity, and can spot fraudsters by identifying activity typical of scams and fraud, as in the case of the creation of multiple new accounts by one user. NuData is one of a few companies starting to explore the exciting possibilities of behavioral biometrics; BioCatch offers a similar system focused on mobile user activity, while Socure’s system looks at online social behavior. The nascent field seems to be picking up steam as the technology advances, and we may see many more such systems in the near future.
April 23, 2015 – by Alex Perala