Jack Henry & Associates will be integrating NuData’s behavioral biometrics solution into its own Banno Digital Platform. Jack Henry is a payment processing specialist whose clients are drawn primarily from the financial services industry.
The partnership with NuData will help financial institutions identify suspicious behavior during log-ins and guard against the threat of account takeover fraud. NuData’s technology passively analyzes a user’s behavior during a transaction to provide a strong layer of biometric security without adding friction to the customer experience.
“In 2019, NuData identified one in every three login attempts as high-risk, reinforcing the need for financial institutions to differentiate between valid users and bad actors,” said NuData Senior Vice President Michelle Hafner. “This is a great opportunity to help financial institutions protect customers using advanced technologies that don’t impact the user experience.”
“With more people moving to digital as their primary point of contact, it’s essential that financial institutions serve them in a way that protects their identity, assets, and loyalty,” added Jack Henry COO Greg Adelson. “Ultimately, this is about responding to what matters most to banks and credit unions: protecting their customer and member relationships.”
While NuData is a Mastercard subsidiary, Jack Henry emphasized that any Banno Digital customer would be able to take advantage of the behavioral technology. That remains true regardless of the other card brand affiliations that an institution may have. NuData claims that it analyzed more than 650 behavioral data points in 2019, and that it successfully blocked more than 99 percent of account takeover and credential-stuffing attacks.
NuData has previously argued that online merchants should consider behavioral biometrics if they want to streamline their checkout procedures and retain new customers after the COVID-19 pandemic. In that regard, Mastercard has reported that e-sales went up $53 billion after social distancing measures were put in place in April and May.
(Originally posted on FindBiometrics)