RSA (@RSAsecurity) a global cybersecurity leader delivering Business-Driven Security™ solutions to help organizations manage digital risk, announces that NewDay, a leading consumer credit company serving around five million people across the UK, has selected and deployed RSA Adaptive Authentication for eCommerce to deliver advanced fraud protection for digital payments and address the requirements of the EMV 3-D Secure protocol.
RSA Adaptive Authentication for eCommerce helps card issuers and payments processors prevent more than 95 percent of fraud in card-not-present (CNP) e-commerce transactions and provide a frictionless authentication and shopping experience for cardholders.
In an increasingly digital world, there is a growing consumer demand for secure and simple eCommerce transactions. As card issuers, payment processors and retailers rapidly evolve digital technologies to meet these demands they are faced with the challenge of managing innovation and security. Ambitious digital transformation initiatives introduce new threats and vulnerabilities like CNP fraud, which is on the rise globally, and is expected to reach $6.4 billion by 2021 in the U.S., according to Aite Group.
With millions of daily CNP e-commerce transactions, NewDay has selected RSA’s fraud detection capabilities and expertise to help provide a consistent, convenient and secure online shopping experience for cardholders. RSA implemented and delivered a flexible solution that catered to NewDay’s specific regulatory considerations, and also in line with the Second Payment Service Directive Strong Consumer Authentication (PSD2 SCA) regulation requirements. Powered by the RSA Risk Engine, RSA Adaptive Authentication for eCommerce leverages advanced machine learning to analyze hundreds of risk indicators and silently authenticate genuine cardholders while challenging only the small number of transactions that are high-risk. As a result, NewDay has achieved a close to 100 percent fraud detection rate and transaction approval rate, along with single-digit customer intervention rates.
“At NewDay, our customers are at the heart of everything we do, and as they continue to embrace eCommerce, we are committed to investing in innovation that provides the most secure and seamless experience,” said Allan Kite, Director of Architecture & Solutions.
RSA Adaptive Authentication for eCommerce eliminates the 100 percent challenge rate, static passwords and cardholder enrollment with approximately 95 percent of average transactions unimpeded by the EMV 3-D Secure verification process. At the forefront of eCommerce innovation, the solution delivers close to a 100 percent genuine transaction approval rate while keeping fraud rates low. It also addresses the requirements for the EU’s Second Payment Services Directive (PSD2), providing a paramount customer experience and an unparalleled level of fraud detection.
“As organizations continue to pursue digital transformation initiatives, they must also prepare to manage the digital risks that come with innovation,” said Jim Ducharme, VP Identity and Fraud & Risk Intelligence Products, RSA Security. “eCommerce innovations like mobile pay and digital wallets provide convenient payment options but also create unprecedented risks. RSA Adaptive Authentication for eCommerce empowers card issuers and processors, like NewDay, to manage these digital risks and prevent fraud without compromising the customer experience. As PSD2 drives changes in technical infrastructure at financial institutions across Europe, RSA is working to help organizations meet not only the technical challenges but also secure the future of digital payments.”