Jack Henry & Associates, a leading provider of technology solutions and payment processing services primarily for the financial services industry, announced that it has partnered with NuData Security, a Mastercard company, to enhance the Banno Digital Platform™ with behavioral security.
As banks and credit unions move toward a more digital experience, it is increasingly critical to minimize risk by accurately identifying real end users from fraudulent ones. The Banno Digital Platform now features behavioral technology to identify high-risk users in real-time during login. This technology, powered by NuData Security, is available to any financial institution leveraging the Banno Digital Platform, regardless of other card brand affiliations.
Read More: Healthfully and Paya Deliver Expanded Patient Care and Payments Through New Partnership
By addressing account-specific threats without creating end user friction, financial institutions can provide a better experience while reducing operational costs. The technology blends enhanced device recognition technology with behavioral analytics, passive biometrics, and a cloud-based trust consortium. NuData Security analyzed 650 billion behavioral data points in 2019 alone, providing some of the world’s biggest brands with the intelligence to verify users before fraud occurs. It leverages machine learning to consistently update modules, signals, and rules with its billions of analyzed data points, blocking over 99% of automated credential-testing and account-takeover attempts. The results help prevent account takeover, credential stuffing, transaction fraud, application fraud, among other threats, and more importantly, increase valid users’ trust and confidence.
Read More:Â Jack Henry & Associates Launches Core-Integrated Accounts Receivable Financing
Greg Adelson, chief operating officer of Jack Henry, commented, “Cybercrime is more sophisticated than ever and the costs are mounting. 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. We’ve found an approach to achieve that balance through behavioral intelligence powered by NuData. Ultimately, this is about responding to what matters most to banks and credit unions: protecting their customer and member relationships.”
Read More:Â Simple Announces Launch of Tax Refund Feature to Automate Savings for Customers
