Mastercard has agreed to acquire RiskRecon, a provider of artificial intelligence and data analytics solutions to support companies in protecting their cyber systems and infrastructure.
Mastercard did not reveal financial details of the deal. Kelly White is the chief executive officer and co-founder of RiskRecon. RiskRecon, which launched in 2015, has raised $40 million, according to Crunchbase data. Investors of RiskRecon included Accel, Dell Technologies Capital, General Catalyst and F-Prime Capital.
“The innovations from the team at RiskRecon will accelerate our cyber solutions designed to help financial institutions, merchants and governments secure their digital assets,” said Ajay Bhalla, president of cyber and intelligence for Mastercard.
Organizations can use RiskRecon’s scanning and evaluation technologies to manage cyber risks, safeguarding critical intellectual property and consumer and payment data. RiskRecon will provide cyber security solutions across a broader set of industries, including healthcare and manufacturing.
Mastercard earlier announced two pilot projects in Australia – in association with Australia Post and Deakin University — to verify a person’s identity immediately, safely and securely in both the digital and the physical world.
The pilot program will test a new way for people to prove their identity without carrying multiple documents. The model allows the data to sit with its user. It will activate a distributed model that blends information stored on an individual’s mobile device and verified by additional reference points, such as an individual’s bank or participating government agencies.
The initial phase of the pilot with Deakin University featured student volunteers testing an identity verification process for student registration and digital exams at the Burwood and Geelong campuses in Victoria.
Mastercard has entered into a partnership with Australia Post to integrate the agency’s existing Digital iD solution and expand the ability for Australians to identify themselves easily when accessing services.