The live system, which transparently authenticates users, has proven to be
very effective in detecting fraud with minimal impact on the online banking
user experience
LONDON and BEDFORD, Mass., March 22 /PRNewswire-FirstCall/ -- RSA Security
(Nasdaq: RSAS) today announced that Barclays Bank plc, one of the largest
retail banks in Europe, has launched the RSA Cyota Transaction Monitoring
solution to further protect its online banking users. The solution
authenticates users behind-the-scenes and detects online fraud while placing
no burden on consumers. Earlier this quarter, RSA(R) Cyota(R) Transaction
Monitoring was implemented and integrated for Barclays, and has been in
production ever since.
"With Internet fraud across the industry and consumer awareness about
identity theft and security on the rise, we needed a solution that would help
monitor and control the potential threats faced by our online customers -- but
without hassling them or impacting the growing adoption of our online
services," said Ian Morgan, Head of Channel Development, Electronic Banking
from Barclays. "RSA Security's solution strikes the perfect balance and
allows us to do just that. The system was up and running in full production
following a simple and seamless implementation project, and the results have
been extremely positive so far in terms of behind-the-scenes user
authentication, fraud detection and an exceptionally low false-positive rate."
"Banks implementing strong authentication and fraud management systems for
online banking must consider the level of security as well as the impact on
usability -- Barclays sets a great example with its approach," said Chris
Young, senior vice president and general manager of RSA Cyota Consumer
Solutions. "When dealing with mass consumer authentication, it is critical to
detect and reduce fraud, but also to maintain a low rate of false-positives,
so as not to cause a dramatic surge in customer service calls and irritated
customers. We achieve our great results by taking a multitude of sources,
sensors and cross-industry intelligence into consideration when scoring each
and every transaction, and ensuring users can continue to use a range of
devices to access their accounts without a problem."
RSA Cyota Transaction Monitoring provides strong, reliable protection
against online fraud by analyzing and scoring all online banking transactions
in real-time. The bank can then decide how to handle high-risk transactions,
including blocking the transaction or conducting a manual review and seeking
further identification of the user. The system, which provides a second factor
of transparent authentication using IP address, user and device profiles,
incurs no change in the user experience. Additionally, the Company's
risk-based, one-time password and EMV authentication solutions can be deployed
-- via RSA Adaptive Authentication -- on top of Transaction Monitoring to
provide the additional transaction validation, should it be required.
The RSA Cyota risk engine compares each online transaction to an
automatically-generated profile of that user's known behavior and other
criteria, such as digital fingerprints, geographic location, device
information and more. The solution also compares the data to known fraud
patterns compiled by the RSA Cyota eFraudNetwork(TM) community, the world's
most effective online financial fraud network. With membership comprising
thousands of financial institutions worldwide, including the United Kingdom's
largest banks, the eFraudNetwork collates some of the best, most up-to-date
intelligence from across the globe, giving banks instantaneous information and
immediate protection.
About Barclays Bank Plc
Barclays PLC is a major global financial services provider engaged in
retail and commercial banking, credit cards, investment banking, wealth
management and investment management services. We are one of the largest
financial services companies in the world by market capitalisation. Operating
in over 60 countries and employing over 113,000 people, we move, lend, invest
and protect money for over 25 million customers and clients worldwide. With
over 300 years of history and expertise in banking, Barclays PLC has six major
businesses.
UK Banking delivers banking products and services to over 14 million
retail customers and 775,000 businesses in the UK.
Barclaycard is one of the leading credit card businesses in Europe, and
has 17 million cards in issue.
Barclays Capital, the investment banking division, provides corporate,
institutional and government clients with solutions to their financing and
risk management needs.
Barclays Global Investors is one of the world's largest asset managers and
a leading provider of investment management products and services.
Wealth Management has over 580,000 affluent and high net worth clients.
International Retail and Commercial Banking is our global retail and
commercial banking operation, with over 2 million international clients, in
geographies which currently include the Caribbean, France, Spain, Portugal,
Italy, Africa and the Middle East.
About RSA Cyota Consumer Solutions
RSA Cyota Consumer Solutions, a division of RSA Security Inc., offers
proven solutions for online banking and e-commerce that range from adaptive
authentication -- with risk-based technology, one-time-passwords and
transaction-signing -- to anti-phishing services and real-time transaction
monitoring that controls fraud and manages risk. The company's
eFraudNetwork(TM) community is the world's most effective cross-bank
collaborative online fraud network. Today, many of the world's top 50 banks,
including nine of the top 12 banks in North America and the UK, use RSA Cyota
solutions to protect approximately 430 million consumers.
About RSA Security Inc.
RSA Security Inc. is the expert in protecting online identities and
digital assets. The inventor of core security technologies for the Internet,
the Company leads the way in strong authentication and encryption, bringing
trust to millions of user identities and the transactions that they perform.
RSA Security's portfolio of award-winning identity & access management
solutions helps businesses to establish who's who online -- and what they can
do.
With a strong reputation built on a 20-year history of ingenuity,
leadership and proven technologies, we serve approximately 20,000 customers
around the globe and interoperate with more than 1,000 technology and
integration partners. For more information, please visit
http://www.rsasecurity.com
RSA and SecurID is a registered trademark or trademark of RSA Security
Inc. in the United States and/or other countries. Cyota and the eFraudNetwork
are either registered trademarks, service marks or trademarks of Cyota, Inc.
in the United States and/or other countries. All other products and/or
services mentioned are trademarks of their respective companies.
Press Contacts:
Victoria Henry / Harry Ronaldson
Kaizo
Tel: + 44 20 7580 8852
Emails: Victoria.Henry@kaizo.net or Harry.Ronaldson@kaizo.net
SOURCE RSA Security Inc.
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Related links:
http://www.rsasecurity.com
CONTACT:
Victoria Henry, Victoria.Henry@kaizo.net, or
Harry Ronaldson, Harry.Ronaldson@kaizo.net, both of Kaizo for RSA
Security Inc., +44 20 7580 8852
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