HDFC Bank Deploys RSA Security Soln To Tackle Online Fraud

HDFC Bank today announced the successful implementation of layered components of the RSA Identity Protection and Verification Suite. This includes the deployment of RSA Adaptive Authentication, RSA FraudAction and participation in the RSA eFraudNetwork. The solution offers a fraud prevention platform to the bank that will protect its customers from ever-advancing threats perpetrated by online criminals.

Anil Jaggia, CIO, HDFC Bank, said that the Internet has become one of the most important delivery channels for the bank today. The bank has observed a massive increase in the number of online transactions from 2 percent in 2001 to 28 percent in 2009.

“Phishing, pharming and trojan attacks are increasing in India as online banking becomes more popular. Our customers are also aware of these threats, so we needed to ensure that we could offer them a secure platform that can protect their personal credentials and financial assets. Customer satisfaction is our top priority, and RSA provided us with the necessary balance of online security and user convenience,” said Jaggia.

The bank finished the implementation approximately four months ago. This has resulted in increased customer confidence, acceleration of online banking features and a 60 percent reduction in phishing attacks as per company claims.

The deployment includes the visible component of site-to-user authentication, which provides the bank’s customers with convenient online protection through the use of a personal security image and caption to verify the legitimacy of the bank’s website.

The RSA solution uses device authentication and transaction monitoring to avoid malware and trojan attacks.