RSA, The Security Division of EMC announced that HDFC Bank, one of India’s premier financial institutions, has successfully implemented layered components of the RSA Identity Protection and Verification Suite – including the deployment of RSA Adaptive Authentication, RSA FraudActionSM, and participation in the RSA eFraudNetworkTM – to provide a comprehensive fraud prevention platform that has protected the bank and its customers from ever-advancing threats perpetrated by online criminals.
HDFC Bank is the first bank in India to implement this multi-layered defense-in-depth platform. This has resulted in increased customer confidence, acceleration of enhanced online banking features and a 60 percent reduction in phishing attacks.
Commenting on the relationship, Anil Jaggia, chief information officer, HDFC Bank, said, “Online fraud is a significant threat to organizations and consumers all over the world. 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 we could offer them a secured 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.”
Convenient online protection
Based in Mumbai, India, HDFC Bank has implemented the largest deployment of RSA Adaptive Authentication in South Asia. It includes the visible component of site-to-user authentication to provide its customers with convenient online protection through the use of a personal security image and caption to verify the legitimacy of the bank’s website.
“Our measured success at HDFC Bank reflects our proven abilities in protecting against the continuous advancements in online fraud and identity impersonation, as well as our ability to deliver value to our customers that reduces related losses,” said Art Coviello, executive vice president, EMC Corporation and President, RSA, The Security Division of EMC, “We are proud to team with HDFC Bank to boost both the security of its Internet banking systems and the confidence of its customers who now have visible assurances that their identities and assets are more secure.”
HDFC Bank has also deployed the RSA FraudAction service available that is designed to detect, track and shut down phishing, pharming and Trojan attacks perpetrated by online fraudsters. It has shut down more than 157,000 illicit web sites across 140 countries to date and has reduced the average lifetime of an online attack from approximately 115 hours to five hours.
The bank also joined the RSA eFraudNetwork community, the industry’s first and largest cross-institution, cross-platform online fraud network dedicated to sharing and disseminating real-time information on fraudulent activity.
