Barclays Bank has improved its security screening
process for online customers with a new system from RSA
Security.
The bank is using the RSA Cyota Transaction Monitoring solution
to protect its online banking users, which is designed to
authenticate users behind-the-scenes and detect online fraud while
placing no burden on consumers.
Ian Morgan, Barclays head of channel development and electronic
banking, 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.”
He said, “The RSA 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.”
False positives are alerts that can needlessly prevent
transactions from being blocked.
RSA Cyota Transaction Monitoring analyses and “scores” 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 from the user.
The system, which provides a second factor of transparent
authentication using the IP address, user and device profiles,
incurs no change in the user experience.
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 geographic location, device information and
more.
The solution also compares the data to known fraud patterns
compiled by the RSA Cyota eFraudNetwork financial fraud community,
which includes participation from the main banks.