Over the 2018 holiday period, NuData, a Mastercard company helped retailers identify over one billion suspicious digital activities.
During the festive period last year, cyber crime was rife. Online shoppers faced a myriad of scams such as spam emails and fake websites.
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It is an incredibly stressful time for merchants trying to protect their customers financial information.
Out of the one billion digital activities found, NuData managed to stop 99% of these fraudulent activities. This saved retailers around the world $500m in total.
Vice president of customer success at NuData, Ryan Wilk, commented:
“Ecommerce is particularly vulnerable during the holiday season.”
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By GlobalData“Amidst all the shopping frenzy, retailers struggle to verify and assess the identity of the individual on the other end of a device without causing inconvenience to legitimate shoppers. Using NuData security solutions, retailers can add a layer of intelligence to websites and mobile applications to detect threats without creating friction in the shopping experience.”
Mastercard fraud fighting technologies combats hackers
NuData uses machine learning technology to analyse events in real-time. This enables them to anticipate and prevent fraudulent card-not-present transactions, which includes e-commerce payments.
The technology flagged 52% of login traffic as well as 50% from desktops and 35% from mobile devices as fraudulent. It detected all this by monitoring website traffic changes, analysing sudden changes in browser type, surfing speed and time on page.
Using machine learning gives the company the speed and accuracy it needs to compete with hackers. As technology evolves, so to does hacking methods and it becomes a race to beat the fraudsters with better technology.
Once these were flagged retailers could stop access or monitor them closely to prevent fraud.
Research Director at Aite Group, Julie Conroy, said: “Compared to single-layer solutions that only focus on one type of threat, multi-layered solutions are the answer to protect against a wide range of attacks.”
NuData insights revealed that fraudsters start planning their attacks months before the holiday season begins.
Subsequently, NuData managed to identify and flag 37% of the new customer accounts created in October 2018 as high risk.
