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Barclays Bank Protects Online Banking Users with Behind-the-Scenes Authentication using RSA Transaction Monitoring

  • 23 March, 2006 16:47

<p>RSA Security (Nasdaq: RSAS) today announced that Barclays Bank plc, one of the largest retail banks in Europe, has launched the RSA 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® Transaction Monitoring was implemented and integrated for Barclays, and has been in production ever since.</p>
<p>“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.”</p>
<p>“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 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.”</p>
<p>RSA 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.</p>
<p>The RSA 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 eFraudNetwork™ 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.</p>
<p>About Barclays Bank Plc</p>
<p>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.</p>
<p>Barclays Capital, the investment banking division, provides corporate, institutional and government clients with solutions to their financing and risk management needs.</p>
<p>Barclays Global Investors is one of the world’s largest asset managers and a leading provider of investment management products and services.</p>
<p>Wealth Management has over 580,000 affluent and high net worth clients.</p>
<p>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.</p>
<p>About RSA Consumer Solutions</p>
<p>RSA 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™ 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 solutions to protect approximately 430 million consumers.</p>
<p>About RSA Security Inc.</p>
<p>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 &amp; access management solutions helps businesses to establish who’s who online – and what they can do.</p>
<p>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</p>
<p>RSA and SecurID is a registered trademark or trademark of RSA Security Inc. in the United States and/or other countries. eFraudNetwork is either a registered trademark, service mark or trademark of RSA Security in the United States and/or other countries. All other products and/or services mentioned are trademarks of their respective companies.</p>
<p>Media contact:</p><p>
John Back
Kinetics Pty Ltd
02 9212 3848</p>

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