Mastercard buys NuData Security for IoT spree
Mastercard will acquire Vancouver-based biometrics firm NuData Security as it looks to make something out of the internet of things (IoT).
NuData provides online and mobile anti-fraud solutions using session and biometric indicators. Mastercard will integrate NuData to its suite of fraud management and security products.
Ajay Bhalla, president of enterprise risk and security for Mastercard, says the deal “will build on our layered security strategy to safeguard each and every transaction across the globe”.
Mastercard reckons the rise of IoT will lead to an estimated 50 billion smart devices to be in use across the globe by 2020, and 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, 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 authorisation decisions.
Terms of the agreement were not disclosed.