MasterCard has agreed to acquire Canadian technology company NuData Security, as part of its strategy to beef up security of Internet of Things (IoT) payments.
MasterCard believes that the acquisition will allow it to boost its efforts around device-level security and authentication, thereby allowing near real-time collaboration between issuers, merchants and processors.
NuDetect, the flagship product of NuData, identifies authentic users from potential fraudsters based on their online, mobile app and smartphone interactions, flagging those that represent the highest risk.
Leveraging the usage information, NuData assigns a risk score to an individual or transaction and enables merchants and issuers to make near real-time authorisation decisions.
MasterCard president of enterprise risk and security Ajay Bhalla 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.”
Terms of the transactions have not been revealed.