Arvato Financial Solutions, a leading global financial services provider, today announced an agreement with NuData Security, an award-winning international expert in passive behavioural biometrics, to join forces.
Vancouver, Canada (PRWEB) December 15, 2016
Arvato Financial Solutions, a leading global financial services provider, today announced an agreement with NuData Security, an award-winning international expert in passive behavioral biometrics, to join forces. The partnership will enable clients to focus on good customer experience, balancing complex fraud mitigation strategies in compliance with local data protection regulation.
In order to provide a one-stop fraud prevention suite, Arvato Financial Solutions has chosen best-of-breed partners combining cutting-edge technologies with their local market know-how and analytics expertise to combat increasingly complex fraud phenomena along the entire customer journey. As recent winners of the Merchant Risk Council METAwards and CNP Best Antifraud Solution NuData Security has proven their innovative approach towards fraud prevention. The joint solution will integrate behavioral analytics and passive biometrics with a common platform that will offer joint clients in truly understanding their users so they can provide a frictionless and enhanced experience for legitimate customers while protecting against abuse.
Arvato Financial Solutions is increasingly supporting technologies that radically innovate all kinds of fraud detection. Arvato clients who want to prevent cybercrime phenomena, now have access to an internationally-proven solution, which accurately verifies a users’ online identity by authenticating the user based on their natural and subtle interactions online – behavior that cannot be mimicked or replicated by a third party. These capabilities help to maximize detection, reduce false positives and optimize user identification.
“Our vision is to provide an innovative modular and international solution to stop fraud, prevent attacks and continuously verify good users,” said Frank Schlein, President Risk Management at Arvato Financial Solutions. “We selected NuData Security as a partner, because together we can successfully provide clients with a comprehensive solution, integrating innovative technologies such as device fingerprinting, behavioral analysis, passive biometrics and profound analytical expertise, specific European market insight as well as local data protection know-how.”
“We are excited to be partnering with Arvato and choose best-in-class partners to join forces with, so we can offer comprehensive solutions to deliver results. Fraudulent online behavior can send ripples through organizations, directly impact the bottom line and disgruntled customers could damage the brand image,” said Michel Giasson, CEO of NuData Security.
Lately merchants experienced increased fraud losses, an increase in the volume of successful fraud attempts, a rise in fraud cost per dollar losses and a bigger bite of fraud costs as a percent of annual revenues. On average, 648 fraud attempts were recorded by companies each month, among them 206 were successful for the scammers. This means that 1.47 percent of their turnover was lost due to fraud.
Over the holiday season in 2015 NuData found a 167% increase in high-risk transactions from the previous year, and new account fraud has increased to 60% of all new accounts in 2016 from 39% in 2015.
The variety and arising speed of fraud phenomena force digital businesses to find effective solutions for these challenges. Technologies such as real-time behavioral analysis and passive biometrics, machine learning and aggregated data intelligence can help clients in financial institutions/banking, e-commerce, telecommunications, gaming, internet, media, entertainment reduce fraud and improve customer experience.
About Arvato Financial Solutions
Arvato Financial Solutions is a global financial service provider and part of Bertelsmann SE & Co. KGaA as a subsidiary of Arvato.
The company has around 7,000 employees in 22 countries, including a strong presence in Europe, America and Asia, and offers flexible full-service solutions for the value-oriented management of customer relationships and cash flows. Arvato Financial Solutions is synonymous with professional outsourcing services (Finance BPO) centering on cash flow in all phases of the customer lifecycle – from risk management and invoicing to debtor management, the sale of receivables and debt collection. As part of this, the company focuses on minimizing default rates in the business initiation phase and during the collection process. As a result, their services also include optimizing the selection of payment types internationally.
As a financial solutions provider, the company manages around 10,000 customers, specializing primarily in the retail/e-commerce, telecommunications, insurance, banking and healthcare sectors. This makes it Europe’s third largest integrated financial service provider.
For more information, please visit http://finance.arvato.com
NuData Security predicts and prevents online fraud, protecting businesses from brand damage and financial loss caused by fraudulent or malicious attacks. By analyzing and scoring over 80 billion behaviors per year, NuData Security identifies good users from bad based on their online behavior while flagging suspicious behavioral anomalies for further remediation – all in real-time. NuData Security services some of the largest ecommerce and web properties around the globe.
For more information please visit http://www.nudatasecurity.com/
For the original version on PRWeb visit: http://www.prweb.com/releases/2016/12/prweb13927032.htm