Adelaide Bank moves to quell online fraud

New transaction monitoring software works behind the scenes

Adelaide Bank will deploy new transaction monitoring software to assist in detecting high-risk online transactions thereby reducing losses due to fraud.

The new transaction monitoring system, supplied by the EMC-owned RSA, scans online activity in real time to track fraud indicators and generate a "risk score" for each transaction. Customers are then authenticated by the system.

According to RSA, the software works transparently and Adelaide Bank customers should only see it become more involved in the transaction if there are indicators that it is fraudulent.

Adelaide Bank chief information officer John van Ruth said both customers and partners rely on the bank to protect their financial assets and individual identities, so it wanted to ensure there are no uncertainty or security concerns when using online banking.

"[This] is why we have gone to considerable lengths to make the user experience friendly and secure," van Ruth said. "By working with RSA we are continuing our efforts in working behind the scenes to ensure online security."

The deal makes Adelaide Bank the first local bank and financial institution to become part of the RSA-led global eFraudNetwork community.

"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," van Ruth said.

"This solution is a key part of our ongoing strategy to provide our customers and partners with stronger, flexible and multi-layered authentication solutions."

The solution also compares the data to known fraud patterns compiled by the RSA eFraudNetwork community, which now claims "thousands" of global financial institution members, including some of the world's largest banks.

RSA finance and security specialist Geoff Noble said the company is pleased Adelaide Bank is the first local financial institution to join the eFraudNetwork, and the company will be working with the bank in conjunction with online banking solution provider Sandstone Technology to further improve security.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Rodney Gedda

Computerworld
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?