Fraud-detection technology will analyse online banking transactions
Barclays Bank has installed transaction monitoring systems in an attempt to reduce internet banking fraud.
The fraud-detection technology from RSA Security will analyse online banking transactions and try to work out whether they are genuine or being carried out by fraudsters who have stolen login details.
The RSA Cyota risk engine will compare transactions against a profile the bank holds of the customer’s usual behaviour.
Other information, such as the customer’s location and the device they are using, will also be analysed.
The technology will check data against known fraud patterns collated using the RSA Cyota eFraudNetwork, an intelligence-sharing network used by thousands of banks worldwide.
‘We needed a solution that would help monitor and control the potential threats faced by our online customers, but without hassling them or affecting the growing adoption of our online services,’ said Ian Morgan, head of electronic banking channel development at Barclays.
The system will score online banking transactions in real time, so the bank can better decide whether to block a payment.
Banks double up on security
Barclays Bank has installed transaction monitoring systems in an attempt to reduce internet banking fraud.
The fraud-detection technology from RSA Security will analyse online banking transactions and try to work out whether they are genuine or being carried out by fraudsters who have stolen login details.
The RSA Cyota risk engine will compare transactions against a profile the bank holds of the customer’s usual behaviour.
Other information, such as the customer’s location and the device they are using, will also be analysed.
The technology will check data against known fraud patterns collated using the RSA Cyota eFraudNetwork, an intelligence-sharing network used by thousands of banks worldwide.
‘We needed a solution that would help monitor and control the potential threats faced by our online customers, but without hassling them or affecting the growing adoption of our online services,’ said Ian Morgan, head of electronic banking channel development at Barclays.
The system will score online banking transactions in real time, so the bank can better decide whether to block a payment.
Banks double up on security
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