RSA Security is spinning out its fraud and risk intelligence business into a new standalone company dubbed Outseer which will be led by CEO Reed Taussig.
The new spin-out unit will continue to build out RSA’s anti-fraud and payments security portfolio, which includes fraud detection and management and payments authentication services. All of the RSA-branded products will be renamed to match Outseer’s new corporate identity.
Outseer will highlight RSA’s payment authentication and bank account monitoring services which are in use at about 6,000 financial institutions, overseeing 20 billion transactions a year.
Its product portfolio is supported by deep investments in data and science, including a global network of verified fraud and transaction data and a risk engine that delivers 95% fraud detection rates.
While ransomware and cybersecurity tend to grab the limelight when it comes to security, payment card schemes, issuing banks and commerce providers have experienced a record number of fraudulent transactions and orchestrated attacks in payment networks during the pandemic. This is what Outseer aims to tackle.
Outseer plans to work its portfolio toward the EMV 3-D Secure payment standard and incorporate new technology integrations across its payments and commerce ecosystem. EMV 3-D Secure is a messaging protocol that enables consumers to authenticate card-not-present (CNP) e-commerce transactions with their card issuer.
Commenting on the firm’s goals, Taussig said, “RSA’s Fraud & Risk Intelligence business provides Outseer with a solid foundation to address the urgent need to protect both the customers and the revenues of the digital economy.
“At Outseer, we want to liberate the world from digital transaction fraud and fill an apparent gap in the market by delivering science-driven solutions for 3-D Secure payment authentication and account monitoring. 3D Secure Card Not Present Authentication is a well-proven solution in Europe and in our view, will be the dominant solution to combat card not present fraud as we move into the future.”
RSA announced in 2020 that it would operate as an independent company via acquisition by Symphony Technology Group, valuing the company at $2.1bn.
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