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Adelaide Bank Teams with RSA, The Security Division of EMC, to Further Increase Online Security for its Banking Customers

  • 05 December, 2006 15:20

<p><i>Bank to deploy behind-the-scenes capability to fight
existing and emerging online threats</i></p>
<p>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 eFraudNetworkSM community.</p>
<p>"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.”</p>
<p>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.</p>
<p>In short, Transaction Monitoring enables financial institutions to:</p>
<p>• <b>Monitor</b> online transactions in a transparent manner</p>
<p>• <b>Detect</b> and flag high-risk activities</p>
<p>• <b>Investigate</b> high-risk activities in order to mitigate and reduce fraud losses</p>
<p>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.</p>
<p>“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.</p>
<p>Geoff Noble, Finance &amp; 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”</p>
<p>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.</p>
<p><b>Note to the editor</b></p>
<p>If you would like to set up an interview with Geoff Noble RSA or John van Ruth Adelaide Bank CIO please contact Sarah at Kinetics on 02 9212 3848 or sarah@kinetics.com.au.</p>
<p><b>About RSA</b></p>
<p>RSA, The Security Division of EMC, is the expert in information-centric security, enabling the protection of information throughout its lifecycle. RSA enables customers to cost-effectively secure critical information assets and online identities wherever they live and at every step of the way, and manage security information and events to ease the burden of compliance.</p>
<p>RSA offers industry-leading solutions in identity assurance &amp; access control, encryption &amp; key management, compliance &amp; security information management and fraud protection. These solutions bring trust to millions of user identities, the transactions that they perform, and the data that is generated. For more information, please visit www.RSA.com and www.EMC.com</p>
<p>RSA and eFraudnetwork are either registered trademarks or trademarks of RSA Security Inc. in the United States and/or other countries. EMC is a registered trademark of EMC Corporation. All other products and services mentioned are trademarks of their respective companies.</p>

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