The Spanish telecommunications company, Telefonica Empresas, announced today the expansion of its working relations with RSA, in an attempt to protect financial institutions based in Spain from online fraud.
Telefonica will now use RSA's Transaction Monitoring system, a service which provides banks with the facility to analyse online financial dealings in real-time and to assess the risks associated with each one. The bank can then decide how to handle high-risk transactions and, if necessary, block suspicious connections, or investigate users in more detail.
The system will provide an added level of security to RSA's FraudAction service, which has been used by Telefonica Empresas since 2004 to manage phishing and pharming attacks.
As well as this, RSA provides an eFraudNetwork for all financial institutions using its security products. Through this service, banks, located around the world, can access up-to-date information about online monetary transactions. Furthermore profiles of banking fraudsters are logged on the network, allowing organisations to immediately detect and block any transactions made by those blacklisted on the system.
Christopher Young, vice president and general manager of Consumer Solutions at RSA, said: "Financial institutions across the world are seeking viable solutions that will allow them to protect their customers without placing a burden on them. We aim to provide behind-the-scenes solutions that authenticate and secure consumers without impacting the way they transact online."