Mastercard is looking to enhance Internet of Things (IoT) security following the acquisition of NuData Security, a tech firm that helps businesses prevent online and mobile fraud using session and biometric indicators.

IoT is creating a more digitally driven and connected world, with an estimated 50 billion smart devices to be in use across the globe by 2020. While such connectivity can create convenience for consumers to pay how they want and when they want, it remains important to keep all transactions secure.

Mastercard will integrate NuData to its suite of fraud management and security products. The acquisition will also strengthen its efforts around device level security and authentication, enabling near real-time collaboration between issuers, merchants and processors.

Ajay Bhalla, president of enterprise risk and security for Mastercard, said: “Securing all payments today and tomorrow remains a top priority for Mastercard. The addition of NuData will build on our layered security strategy to safeguard each and every transaction across the globe. The combination of session and biometric information will provide even richer context around potential cyber and device-specific threats, enabling us to deliver even greater trust and peace of mind.”

NuData’s flagship 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.

Michel Giasson, chief executive officer of NuData, added: “We’re excited to join the Mastercard family. For nearly a decade, we’ve worked to develop innovative solutions to help transform the way banks and merchants digitally interact with consumers. Those efforts will continue and accelerate through our collective enhanced capabilities to secure the digital landscape, while offering an enhanced user experience.”

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