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Barclays live with 'hassle free' RSA authentication system

23 March 2006  |  16499 views  |  0 anonymous figure in front of stock exchange

The UK's Barclays Bank has deployed an online transaction monitoring system from RSA Security which is designed to authenticate Internet banking customers "behind the scenes".

The vendor says the bank went live with the RSA Cyota Transaction Monitoring system earlier this year. The service provides a second factor of transparent authentication using IP address, user and device profiles and causes no change in the user experience.

The service analyses and scores all online banking transactions in real-time. A risk engine compares each online transaction to an automatically-generated profile of that user's known behaviour and other criteria, such as digital fingerprints and geographic location. The system also compares the data to known fraud patterns compiled by the RSA Cyota eFraudNetwork.

The bank can choose how to handle high-risk payments, including blocking the transaction or conducting a manual review and seeking further identification of the user.

Ian Morgan, head of channel development, electronic banking, Barclays, says the bank was looking for a system that would help monitor and control the potential threats faced by online customers but without hassling them or impacting the growing adoption of online services.

"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," says Morgan.

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