Santander Gets Banking Technology Award for SIM Swapping Fraud Solution
Jan 30, 2013 (Close-Up Media via COMTEX) --
FICO, a provider of analytics and decision management technology, announced that Santander has received a 2012 Banking Technology Award for Best Security Initiative for its SIM swapping solution, developed with Adeptra and rolled out in Santander's UK operations.
According to a release, FICO acquired Adeptra in August. The award was given in December by Banking Technology magazine.
Banks are seeing an increase in "SIM swapping", a financial crime where criminals take over a customer's mobile phone number by having it moved to a SIM (subscriber identification module) card in their possession in order to acquire security messages and one-time passwords sent to the consumer by the bank. The criminals are then able to change details, add beneficiaries and transfer money out of the account, using personal information that may have been acquired through phishing attempts. Following a pilot with a number of vendors, Santander chose to work with Adeptra and its partner ValidSoft to develop, test and implement the world's first real-time detection and prevention application to tackle the growing problem in the banking industry, the company said.
"The security of a bank is the top priority when customers choose who to bank with," said Karen Tyler, head of Fraud Operations at Santander UK. "Customers want a secure account, but they do not want to be inconvenienced. The solution we developed with Adeptra is invisible to the customer, but offers better protection, improving the customer experience."
"Once again, Santander leads the market by engaging and delivering the most sophisticated anti-fraud solutions in the industry," said Tony McGivern, FICO's chief information officer and former CEO of Adeptra. "The bank used advances in technology provided by Adeptra to secure the online and mobile channels, and reduce fraud losses."
FICO, formerly known as Fair Isaac, delivers predictive analytics solutions.
((Comments on this story may be sent to firstname.lastname@example.org))
[ InfoTech Spotlight's Homepage ]