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RSA Security Announces Major Achievements in Consumer Authentication and Online Fraud Protection in the First Half of 2006

  • 04 August, 2006 11:35

<p>• 20 million live online banking users now protected; record system deployment time of less than 10 business days is achieved</p>
<p>• Recognition for Best Authentication &amp; Fraud Detection Suite and Best Anti-Fraud Network in vendor comparison report by Aite Group</p>
<p>• New, fully-integrated version of RSA® Adaptive Authentication is released</p>
<p>RSA Security (Nasdaq: RSAS) today announced several major accomplishments attained by its consumer solutions division in the first half of 2006. Among its successes, the Company was recently recognised by the Aite Group as having the industry’s “Best Authentication and Fraud Detection Suite” and “Best Fraud Network.” In addition, RSA Security has reached impressive milestones in the number of online banking users protected by its systems; deployment times; and fraud detection rates.</p>
<p>The Company is also proud to announce the launch of the RSA® Adaptive Authentication 5.8 solution, which integrates the RSA Security and legacy Cyota and PassMark technologies. The new version also comprises a wide range of deployment plans, including a rapid deployment option that is designed to enable the implementation of a fully-operational account protection system in less than 30 days – with no integration work or code changes required.</p>
<p>“Within six months of our dual-acquisitions in the market, RSA Security has affirmed its position as a strong leader in online consumer protection,” stated Art Coviello, RSA Security’s president and chief executive officer. “Our outstanding achievements and industry recognition in this space, attained through strong management, strategic acquisitions and sustained hard work, is a key driver in the overall company strategy today.”</p>
<p>Best Authentication and Fraud Detection Suite</p>
<p>The Aite Group, a leading independent research and advisory firm focused on the financial services industry, released its “Online Banking Authentication and Fraud Detection: A Vendor Comparison” report in June 2006. The report includes a detailed comparison of 13 vendors in the consumer protection space, identifying 12 areas of excellence and the corresponding companies that have distinguished themselves.[1]</p>
<p>RSA Security is recognised in the category of Best Authentication and Fraud Detection Suite “because of their comprehensive suite of software and hardware authentication solutions as well as fraud prevention and detection solutions.” In addition, the company is recognised in the Best Fraud Network class for the RSA® eFraudNetwork™ community – the largest cross-institution collaborative online fraud network in which fraud data is shared across financial institutions in real-time. The company received honourable mentions in the Best In-Session Fraud Detection and Best Multi-channel Solution groups.</p>
<p>“External, neutral recognition really is the ultimate endorsement,” stated Chris Young, senior vice president and general manager, Consumer Solutions Division, RSA Security. “With the Aite Group report, and feedback from the analyst and customer community at large – plus the growing demand we’re seeing from the market – it’s reassuring to know that we have the right suite of solutions at the right time. We are determined to keep up the great momentum and look forward to more exciting achievements to come.”</p>
<p>Major Achievements in Consumer Protection</p>
<p>RSA Security accomplished several major achievements in consumer authentication and fraud detection during the first two quarters of 2006:</p>
<p>• RSA Security currently protects more than 20 million registered users with its live online banking authentication technology. The company has also signed agreements with – and begun implementations at – major financial institutions representing approximately an additional 40 million online bankers.</p>
<p>• More than 1,200 financial institutions have selected RSA Adaptive Authentication via RSA Security’s online banking provider partners.</p>
<p>• RSA Security recently deployed a full online banking protection system for one of the world’s 10 largest financial institutions in less than 10 business days.</p>
<p>• RSA Security’s fraud detection technology has continued to show extremely strong results during the first half of 2006:
o The system has consistently produced a fraud detection rate of approximately 80% for the last 24 months, with an industry-low 1:1 fraud-to-genuine ratio (i.e. for every fraudulent transaction that is blocked; only one genuine transaction is affected. A typical industry ratio is 20:1 – 20 genuine transactions are affected for every fraudulent transaction that is blocked. The higher the ratio, the more genuine customers are negatively affected – resulting in frustrated users and increased customer service calls.)</p>
<p>• The RSA Anti-Fraud Command Center has worked to shut down more than 18,000 phishing attacks in total since its operations began (unique fraudulent URLs), approximately 10,000 of which were shut down between January and June this year.</p>
<p>Fully-Integrated Comprehensive Solution – RSA® Adaptive Authentication 5.8</p>
<p>RSA Adaptive Authentication 5.8 is now available and has been deployed by a leading US financial institution. The fully-assimilated system is the result of a concerted technical integration program undertaken since the start of the year, incorporating RSA Security’s existing authentication solutions with those gained through its acquisitions of Cyota, Inc. (December 2005) and PassMark Security Inc. (April 2006).</p>
<p>Version 5.8 integrates one-time password-based authentication with risk-based and site-to-user authentication technologies. It also features a wide range of deployment options designed to meet the specific and varying time, resource and budgetary needs of financial institutions across the world. This includes a rapid deployment option that enables the implementation of a fully-operational account protection system in less than 30 days with minimal resources and no integration work required.</p>
<p>About RSA Security Inc.</p>
<p>RSA Security Inc. is the expert in protecting online identities and digital assets. The inventor of core security technologies for the Internet, the Company leads the way in strong authentication, encryption and anti-fraud protection, bringing trust to millions of user identities and the transactions that they perform. RSA Security’s portfolio of award-winning identity &amp; access management solutions helps businesses to establish who’s who online – and what they can do.</p>
<p>With a strong reputation built on a 20-year history of ingenuity, leadership and proven technologies, we serve more than 21,000 customers – including financial institutions representing hundreds of millions of consumers around the globe – and interoperate with over 1,000 technology and integration partners. For more information, please visit www.rsasecurity.com</p>
<p># # #</p>
<p>RSA, the RSA logo, RSA Security and RSA Adaptive Authentication are either registered trademarks or trademarks of RSA Security Inc. in the United States and/or other countries. Cyota and eFraudNetwork are either registered trademarks or trademarks of Cyota, Inc., a wholly owned subsidiary of RSA Security Inc., in the United States and/or other countries. All other products or services mentioned are trademarks of their respective countries.</p>
<p>Media Contacts</p>
<p>Sarah Mulvin</p>
<p>Kinetics</p>
<p>(02) 9212-3848</p>
<p>sarah@kinetics.com.au</p>
<p>Hwei Oh</p>
<p>RSA Security Australia Pty Ltd</p>
<p>(02) 9463-8407</p>
<p>hoh@rsasecurity.com</p>

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