Wachovia Selects RSA to Accelerate its Business through Strengthened Online Security
Monday, February 05, 2007 - RSA, The Security Division of EMC (NYSE: EMC), announced today that Wachovia Corporation (NYSE: WB) has deployed the RSA® Adaptive Authentication solution and joined the RSA eFraudNetworkSM community to protect its customers, their funds and personal information further when banking online, while incurring minimal impact to the online user-experience. As part of its comprehensive Security Plus suite of services, Wachovia has deployed behind-the-scenes protection for its online banking application, both at the front door and within the application, using RSA Adaptive Authentication for Web. Wachovia Security Plus supplements other security programs already in place today.
“It was important for us to find solutions that would not be perceived as a burden by our customers while, at the same time, ensuring that they are in fact secure,” said Michael Toth, Online Business Product Manager at Wachovia.
“RSA’s multi-layered approach for protecting our customers’ personal and financial information is the right fit for our needs. These new services are based on proven technologies, designed with customer usability in mind, and include the flexibility for us to incorporate additional layers of consumer protection solutions across self-service channels as we see fit,” said Ilieva Ageenko, Director of Emerging Applications at Wachovia.
“We are thrilled to have an organization like Wachovia deploy our solutions and affirm our strategy of layered consumer protection,” says Christopher Young, vice president and general manager, Consumer Solutions at RSA. “Our goal is to help Wachovia accelerate its business online, all with the end-users’ security and convenience in mind.”
Financial institutions also can deploy the RSA Adaptive Authentication sophisticated risk engine that is engineered to analyze all online banking transactions in real-time and calculate a risk-score for each. Using the risk score, the solution is designed to automatically implement strong authentication methods, such as secret questions or an automated ’out-of-band’ phone call, for high-risk transactions while low-risk transactions are seamlessly approved and securely processed with no hindrance to the customer.
Wachovia has also become a member of the RSA eFraudNetwork community, the world’s most effective collaborative online anti-fraud network. With more than 50 large financial institutions and a multitude of smaller ones on the network, Wachovia can benefit from immediate protection based on real-time online fraud data from financial institutions around the world.
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, which closed on Oct. 1, 2006, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 737 offices in 49 states and service affiliate offices in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. At September 30, 2006, Wachovia had assets of $559.9 billion and market capitalization of $88.2 billion. On the same date, based on pro forma data, Wachovia’s combined assets were $706 billion and combined market capitalization was $107 billion.
RSA, The Security Division of EMC, is the premier provider of security solutions for business acceleration, helping the world’s leading organizations 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 accesses it or how it is used.
RSA offers industry-leading solutions in identity assurance & access control, encryption & key 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.
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- RSA, The Security Division of EMC
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