News

20 Jul 2010

Wholesale financial services company Indue has partnered with RSA, the Security Division of EMC, to offer the latest implementation of Verified by Visa, a 3D Secure authentication protocol aimed at reducing online fraud.

The deal is in accordance with Visa´s mandate for all new cards issued in Australia after April 2010 to be enrolled in Verified by Visa and all existing Visa cards to be enrolled by April 2012.

Visa issuers from Indue´s client list of more than 50 financial institutions can now offer the Verified by Visa fraud protection service to their more than half a million Visa cardholders in Australia.

Visa has expressed its support of the partnership, which will see cardholders better protected.

"This solution is an important step forward in tackling internet fraud and lifts the bar in terms of providing a Verified by Visa service that is effective and easy for cardholders to use," said Chris Clark, Visa´s General Manager for Australia and New Zealand.

Michael Swannell, Executive Manager - Payments, Indue, added, "Verified by Visa helps to protect cardholder´s online transactions, adding an additional layer of assurance to processed transactions giving cardholders greater confidence to shop online."

RSA will monitor all transactions made by Indue-issued Visa cardholders at Verified by Visa merchant websites for fraud by providing authentication for transactions that are determined to be a risk.

Geoff Noble, Banking and Finance Specialist at RSA, Australia and New Zealand, said Verified by Visa issuers can expect to see lower transaction adandonment rates as the risk of e-commerce fraud is reduced, while consumers will enjoy a largely seamless online shopping experience.

"When cardholders shop online at Verified by Visa merchant websites, they are automatically protected, with each transaction risk-scored via the RSA-powered risk engine. In 95 per cent of cases, the transaction will be deemed ´low risk´ and the cardholder will not be challenged or even aware of the check taking place. Authentication will be provided back to the merchant - protecting the customer and the issuing financial institution," said Noble.

If anomalies are detected due to unusual circumstances, cardholders will be asked to authenticate themselves with additional information known intuitively to them. If they are unable to authenticate themselves, the merchant will receive a declined authentication message and, should the merchant elect to accept the transaction, will assume liability for it, should it subsequently prove fraudulent.

RSA is the world´s largest supplier of 3D Secure services, processing more than 80 per cent of all 3D Secure related transactions worldwide.

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About Indue
Indue is an Approved Deposit-taking Institution (ADI), and has provided own-labelled products and transactional services to financial institutions for more than 40 years. Throughout that time, it has reaffirmed its reputation as a trusted provider of products and services that enable institutions to improve the appeal of their core products. Indue´s products include Visa cards, EFTPOS cards, gift cards, prepaid cards, ATM acquiring services, BPAY, direct entry, recurring payments, chequing, securitisation and fraud monitoring. Through its clients Indue provides financial and payment services to millions of Australians each day.

About RSA
RSA, The Security Division of EMC, is the premier provider of security solutions for business acceleration, helping the world´s leading organisations succeed by solving their most complex and sensitive security challenges. RSA´s information-centric approach to security guards the integrity and confidentiality of information throughout its lifecycle - no matter where it moves, who accessses it or how it is used.

RSA offers industry-leading solutions in identity assurance & access control, data loss prevention, encryption & key management, governance & risk management, compliance & security information management and fraud protection. These solutions bring 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.

RSA Adaptive Authentication for eCommerce
RSA Adaptive Authentication for eCommerce is used by many of the world´s leading issuers to detect fraud without negatively impacting the user experience. It provides a safe and effective means of authenticating transactions in real-time and encouraging customers to trust the security of buying products and services online.

RSA Adaptive Authentication is an intelligent risk-based authentication and fraud detection platform that is currently used by more than 8,000 organisations to protect more than 225 million online identities. RSA Adaptive Authentication is designed to provide risk indicators powered by the RSA® Risk Engine, such as device identification, IP geo-location, behavioural profiling, and RSA eFraudNetworkSM matching. Using a risk score, RSA Adaptive-Authentication is engineered to automatically invoke additional strong authentication methods in a transparent manner for high-risk activities and/or policies in violation of the customer´s risk.

For further information, please contact:
Catherine Batch
Head of Marketing & Communications
Indue Ltd
E cbatch@indue.com.au
P 07 3258 4294