RSA Delivers Information Resources, Solutions and Services to Help Banks Comply with Updated Requirements for Mitigating Fraud in Online Banking
Bedford, MA— RSA, The Security Division of EMC (NYSE: EMC) today announced new programs and an online resource portal to help prepare U.S. retail and commercial banks to comply with the new "Supplemental Guidance on Internet Banking Authentication" released June 28 by the Federal Financial Institutions Examination Council (FFIEC).
As an authoritative resource for U.S. financial institutions, the RSA FFIEC Resource Center features practical information on the FFIEC’s latest guidance, updated FAQs, opinion, podcasts and blogs from industry leaders and analysts, case studies and more. With frequent updates and offers planned as implications of the guidance unfold and new information becomes available, the RSA FFIEC Resource Center will provide the latest information on the guidance, its impact, and practical solutions designed to help financial institutions meet the requirement.
With an industry-leading portfolio of Identity Protection and Verification solutions and services that protect more than 350 million online customer accounts worldwide, RSA is especially qualified to help financial institutions impacted by the new FFIEC guidelines to bolster the security controls they already have in place today.
"As malware evolves and cyber crime increases, financial institutions of all types need to continually adapt their security to maintain customer confidence while simultaneously protecting account holders' assets against the dynamic threats of today and tomorrow," said Sam Curry, Chief Technologist at RSA, The Security Division of EMC. "The updated FFIEC guidance validates RSA’s long time assertion that financial institutions can best protect their infrastructures and customers by deploying layered security strategies. These strategies can leverage risk-based authentication and dynamic transaction and fraud monitoring solutions to help mitigate the risk of fraud in the online banking environment."
In July RSA will announce FFIEC-specific solution promotions along with strategic EMC Consulting security advisory services via the RSA FFIEC Resource Center web site to help financial institutions comply with the updated guidance regarding securing online financial applications and activities. RSA will leverage its risk and knowledge based authentication and anti-fraud monitoring technologies including RSA Adaptive Authentication, RSA Transaction Monitoring, and RSA Identity Verification, proven solutions already in use at thousands of banks and brokerage firms today.
The new FFIEC Guidance comes as an update to the original 2001 and 2005 "Authentication in an Electronic Banking Environment" guidance which stated that, by themselves, passwords and other forms of single-factor authentication are inadequate for high-risk transactions, and required implementation at all U.S. banks of stronger authentication processes by the end of 2006. This new guidance states that financial institutions regulated by FFIEC agencies should bolster controls for "customer authentication, layered security and other controls in the increasingly hostile online environment."
About the RSA Identity Protection and Verification Suite
The RSA Identity Protection and Verification Suite offers one of the most complete and innovative portfolios of strong authentication and anti-fraud technologies, and is engineered to protect organizations and their online users against the latest external threats. The Software-as-a-Service (SaaS) and managed services portfolio is designed to help increase activity in online and remote transactions, inspire user confidence, and reduce fraud losses and related costs. Solutions in the suite include:- RSA Adaptive Authentication is a risk-based authentication (RBA) and fraud detection platform that measures over 100 risk indicators to identify high-risk and suspicious activities. Thousands of financial institutions in the United States and other countries use RSA Adaptive Authentication, which has been available since 2006 in both Hosted/ Saas and On-Premise deployments to protect both login and post-login activities.
- RSA Identity Verification is a strong authentication solution that is designed to confirm user identities and transactions in real-time to help prevent fraud and identity theft. Powered by knowledge-based authentication (KBA), RSA Identity Verification is engineered to assure the identities and transactions of online users or callers into a Call Center.
- RSA Transaction Monitoring is an online fraud detection and management solution that helps financial institutions identify high-risk transactions and prevent fraud. It is designed to enable financial institutions to monitor online transactions in a transparent manner, detect and flag high-risk activities, and to investigate high-risk activities in order to prevent fraud.
About RSA
RSA, The Security Division of EMC, is the premier provider of security, risk and compliance management solutions for business acceleration. RSA helps the world's leading organizations succeed by solving their most complex and sensitive security challenges. These challenges include managing organizational risk, safeguarding mobile access and collaboration, proving compliance, and securing virtual and cloud environments.Combining business-critical controls in identity assurance, encryption & key management, SIEM, Data Loss Prevention and Fraud Protection with industry leading eGRC capabilities and robust consulting services, RSA brings visibility and 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.