Barclays Bank protects online banking users with behind-the-scenes authentication using RSA Cyota transaction monitoring

By | March 24, 2006

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 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, RSAR CyotaR Transaction Monitoring was implemented and integrated for Barclays and has been in production ever since.

Ian Morgan, head of channel development, Electronic Banking from Barclays, said: “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. 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.”

Chris Young, senior vice president and general manager of RSA Cyota Consumer Solutions, commented: “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. 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 analysing 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 behaviour 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 eFraudNetworkT 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.

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