HDFC Bank teams with RSA to secure customers against latest Online Threats
RSA® Adaptive Authentication, RSA FraudActionSM and RSA eFraudNetwork™ from EMC’s Security Division provide HDFC Bank with Defense-in-Depth to protect online identities and assets
- HDFC Bank becomes the first bank in India to implement the multi-layered defense-in-depth platform
- Largest deployment of RSA Adaptive Authentication in South Asia
- Technology enables reduction in phishing attacks by 60%
RSA, The Security Division of EMC (NYSE: 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.”
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.
About HDFC Bank
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its over 15 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.
The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 13 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.
As of March 31, 2009, the Bank had a distribution network with 1,412 branches and 3,295 ATMs in 528 cities.
For the quarter ended March 31, 2009, the Bank earned total income of INR 53.65 billion (Rs.5,365.5crore) as against INR 35.05 billion (Rs.3,505.5crore) in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the quarter ended March 31, 2009 were INR 29.66 billion (Rs.2,966.7crore), up by 35.4% over INR 21.91 billion (Rs.2191.4crore) for the quarter ended March 31, 2008. Net Profit for the quarter ended March 31, 2009 was INR 6.30 billion (Rs.630.9crore), up by 33.9% over the corresponding quarter ended March 31, 2008.
The Bank’s total balance sheet size increased by 37.6% from INR 1331.77 billion (Rs. 133,177 crore) as of March 31, 2008 to INR 1832.71 billion (Rs.183,271crore) as of March 31, 2009. Total deposits were INR 1428.12 billion (Rs.142,812crore), an increase of 41.7% from March 31, 2008.
Total income for the year ended March 31, 2009 grew by 58.2% to INR 196.22 billion (Rs19622.9crore) over the corresponding year ended March 31, 2008.
Leading Indian and international publications have recognized the bank for its performance and quality http://www.hdfcbank.com/aboutus/awards/default.htm.
For more information please log on to: www.hdfcbank.com
About the RSA Identity Protection and Verification Suite
The RSA Identity Protection and Verification Suite offers one of the most complete and innovative portfolios of strong authentication and anti-fraud technologies, and is engineered to protect organizations and their online users against the latest external threats. It is a complete Software-as-a-Service (SaaS) portfolio that is designed to increase activity in online and remote transactions, inspire user confidence, and reduce fraud losses and related costs. The RSA Identity Protection and Verification Suite leverages RSA’s expertise in fraud analysis, fraud forensics, and fraud modeling, and it includes the following components:
- RSA® Adaptive Authentication, a risk-based authentication and fraud detection platform used by more than 8,000 organizations in ten countries, authenticating over 225 million users through risk indicators powered by the RSA® Risk Engine, such as device identification, geo-location, behavioral profiling, and RSA eFraudNetwork matching.
- RSA FraudActionSM, a 24x7 service that protects more than 300 organizations against phishing, Trojan, and other online attacks. It is powered by the RSA Anti-Fraud Command Center and its team of fraud analysts who have shut down over 157,000 illegal websites in 140 countries to date, reducing the lifetime of phishing attacks from approximately 115 hours to five hours.
- RSA® Identity Verification, a knowledge-based authentication system that assures and confirms user identities in real-time by presenting a series of top-of-mind questions utilizing relevant facts obtained from dozens of public and commercial record databases It is used by more than 140 organizations in the financial, telecommunications, insurance, and healthcare industries.
- RSA® Transaction Monitoring, an online fraud detection and management system that detects, flags, and investigates high-risk activities. Its RSA Risk Engine evaluates each online activity in real-time and generates a unique risk score that reduces fraud.
- RSA® Adaptive Authentication for eCommerce, a secure framework for cardholder protection and fraud management. It has authenticated over 20 billion transactions via a range of authentication and card security products, including Verified by Visa®, MasterCard SecureCode™ and JCB J/Secure™.
- The RSA eFraudNetwork™ cross-institution, cross-platform, online fraud network community, dedicated to sharing and disseminating information on fraudulent activity.
About RSA
RSA, The Security Division of EMC, is the expert in information-centric security, enabling the protection of information throughout its lifecycle. RSA enables customers to cost-effectively secure critical information assets and online identities wherever they live and at every step of the way, and manage security information and events to ease the burden of compliance.
RSA offers industry-leading solutions in identity assurance and access management, encryption, security information management and anti-fraud protection, bringing 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.