RSA, The Security Division of EMC (NYSE: EMC) today announced that Adelaide Bank (ASX ADB), is implementing RSA Transaction Monitoring, to further protect its customers against the threat of online fraud.
As part of this innovation Adelaide Bank is the first local bank and financial institution in Australia to become part of the global eFraudNetwork community.
"Our customers and partners rely on Adelaide Bank to protect their financial assets and individual identities," said Adelaide Bank Chief Information Officer, Mr John van Ruth. "We want to ensure customers have no uncertain or security concerns when using the online banking functionality, which is why we have gone to considerable lengths to make the experience user friendly and secure. By working with RSA, a world leader in security and anti-fraud solutions, we are continuing our efforts in working behind the scenes to ensure online security."
RSA Transaction Monitoring authenticates users behind-the-scenes and detects online fraud while placing no burden on consumers. 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.
In short, Transaction Monitoring enables financial institutions to:
- Monitor online transactions in a transparent manner
- Detect and flag high-risk activities
- Investigate high-risk activities in order to mitigate and reduce fraud losses
The RSA Risk Engine - the core of the Transaction Monitoring system - evaluates each online activity in real-time. The Risk Engine tracks a multitude of fraud indicators, generating a unique risk score. Adelaide's customers should only see Adelaide Bank being more involved in the transaction if there are indicators that it is fraudulent.
"Technology is at the heart of any financial institution and Adelaide Bank is continuing to make significant investments in technologies that make it easier to do business with us and provide a positive customer experience. This solution is a key part of our ongoing strategy to provide our customers and partners with stronger, flexible and multi layered authentication solutions," concluded Mr. van Ruth.
Geoff Noble, Finance & Security Specialist of RSA said "Banks today must consistently seek ways to protect their customers from fraudulent activity while expanding their online banking services- this channel is the way the Australian population wants to bank. "We are thrilled that Adelaide Bank is the first local financial institution in Australia to join the eFraudNetwork, and we will be continuing to work with them in conjunction with Sandstone Technology (Online Banking Solution Provider) to further their initiatives in securing the channel and inspiring their customers' confidence in the bank"
The Transaction Monitoring solution also compares the data to known fraud patterns compiled by the RSA eFraudNetwork community, one of the world's most effective online financial fraud networks. With membership comprising thousands of financial institutions worldwide, including some of the world's largest banks, the eFraudNetwork community collates some of the best, most up-to-date intelligence from across the globe, giving banks instantaneous information and immediate protection.