RSA Security has spun out its fraud and risk intelligence business to a standalone company named Outseer which will double back on payment security tools amid an”unprecedented” increase in fraudulent transactions.
Led by CEO Reed Taussig, who had been appointed head of RSA’s Anti-Fraud Business Unit annually after previously serving as CEO of ThreatMetrix, the new firm will focus solely on fraud detection and direction and payments authentication services.
Outseer will continue to run under the RSA umbrella and will inherit three core services, that are already used by more than 6,000 financial institutions, from the firm: Outseer Fraud Manager (formerly RSA Adaptive Authentication), a risk-based account monitoring agency; 3-D Secure (formerly Adaptive Authentication for eCommerce), a card-not-present and electronic payment authentication mapping support; and FraudAction, that finds and takes down phishing sites, dodgy programs and deceptive social networking pages.
Outseer says its product portfolio has been supported by deep investments in data and science, including a global network of confirmed fraud and trade information, along with a risk engine that the company claims delivers 95% fraud detection rates.
Commenting on the spinout, Taussig said:”Outseer is the culmination of decades of science-driven innovation in anti-fraud and payments authentication solutions. As the digital economy continues to deepen, the Outseer mission to liberate the world from transactional fraud is essential. Our role as a revenue enabler for the global economy will only strengthen as every digital business continues to scale.”
RSA, meanwhile, will continue to focus on integrated risk management and safety products, including Archer for hazard management, NetWitness for threat detection and response, and SecureID for identification and access management (IAM) capacities.
The spinout comes less than a year after private equity company Symphony Technology Group (STG), which recently bought FireEye’s product firm for $1.2 billion, obtained RSA Security in Dell T