Santander Wins Banking Technology Award for SIM Swapping Fraud Solution Using
Award for Best Security Initiative recognizes breakthrough solution that
prevents online banking fraud achieved through mobile phone number theft
LONDON, Jan. 24, 2013
LONDON, Jan. 24, 2013 /PRNewswire/ -- FICO (NYSE:FICO), the leading provider
of analytics and decision management technology, today 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. 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 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."
Over their 13-year history, the Banking Technology Awards have become
established as the premier event recognizing excellence in the use of IT in
financial services. Each year the event has grown as an ever-wider pool of
entrants vie for the recognition that the awards confer on their efforts –
from small regional banks in central Europe and Africa to industry behemoths
with multi-million budgets and global projects.
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industries and revolutionized the way risk is managed and products are
marketed. FICO's innovative solutions include the industry-leading solutions
for measuring credit risk, managing credit accounts, identifying and
minimizing the impact of fraud, and customizing consumer offers with pinpoint
accuracy. Most of the world's top banks, as well as leading insurers,
retailers, pharmaceutical companies and government agencies, rely on FICO
solutions to accelerate growth, control risk, boost profits and meet
regulatory and competitive demands. Learn more at www.fico.com. FICO: Make
every decision count^™.
For FICO news and media resources, visit www.fico.com/news.
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Contact: Media, Irina McGurk for FICO, Catalysis, +44 (0)20 7759 2022,
email@example.com; or Investors/Analysts, Steven Weber, FICO,
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