Barclays Bank plc, part of the UK-based financial services group Barclays and one of Europe's largest retail banks has launched the RSA Transaction Monitoring solution to protect its online banking users. The solution authenticates users behind-the-scenes and detects online fraud without hassling customers. "When dealing with mass consumer authentication, it is critical to detect and reduce fraud, but also to maintain a low rate of false-positives. We achieved this by taking many sources, sensors, and cross-industry intelligence into consideration when scoring each and every transaction,” said Chris Young, SVP and GM of RSA Consumer Solutions.
The solution works 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. It authenticates users using IP address and user and device profiles.
Additionally, 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, and device information. The solution also compares the data to known fraud patterns from RSA's eFraudNetwork™ community. According to RSA, thousands of financial institutions worldwide, including the United Kingdom’s largest banks, are part of eFraudNetwork.
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