Thales today announced the launch of an end-to-end security solution for Faster Payments aimed at mid-tier banks and corporate treasury departments. Many of these organisations will be considering how to meet the Faster Payments regulation after the 13 member banks go live in the ‘first wave’ of compliance in November.
Thales’ end-to-end security service, covering physical, technical, human and organisational security, will be essential if financial institutions and treasury departments are to mitigate the increased security risks associated with the Faster Payments scheme.
The Faster Payments process will initially enable funds of up to £10,000 for internet and phone banking to be transferred in a matter of seconds and for funds of up to £100,000 to be transferred before 06.00 am on the due day of standing orders. While the benefits for consumers are obvious, it will also allow fraudsters to move funds from account to account and convert these funds into cash or goods within a couple of hours. As a result, the security risk profile of transactions using the Faster Payments platform is significantly altered, making it a potentially higher value target. It is therefore likely that the Faster Payments environment will face increased scrutiny by organised crime, with future attacks exploiting a blend of external and internal vulnerabilities.
Thales is therefore offering a packaged end-to-end security service for mid-tier banks and corporate treasury departments planning to implement Faster Payments in an effort to mitigate the new set of risks. The risk review service for Faster Payments processes and technology will include:
Human security: the security culture, susceptibility of employees to social engineering techniques and risk of internal fraud;
Organisational security: the security of business processes against fraudulent activities such as segregation of duties and the level of audit and control;
Technical security: the security of systems and networks interfaced with the Faster Payments Gateway;
Physical security: ensuring that the physical security risks are mitigated protecting, front- and back-office technology platform assets that are used for faster payments.
Adrian Ulisse, Security Consulting Director UK of Thales Security Systems, comments: “It is imperative that mid-tier banks and corporate treasury departments consider the specific security aspects before they embark on a Faster Payments project. Today’s criminals operate a sophisticated business in fraud and they will be looking for attractive targets where they can successfully invest their resources. The introduction of Faster Payments will provide such a target for organised crime against those organisations who have not implemented strong security processes across the faster payment environment.”
For more information on the types of skills that are should be used to secure this environment appropriately Thales has produced a white paper discussing this area in greater detail and is available on request.
Thales is one of a few organisations to offer such a holistic approach to the security implications of Faster Payments and is well positioned to do so. With more than 25 years’ experience of providing security solutions for financial transactions, Thales is an established supplier to the APACS member banks, all of which use predominately Thales products to secure their financial value bearing transactions. Thales is already successful in the UK Faster Payments market, where they supply host security modules to enable banks to set up their new networks, as well as strong authentication solutions for online banking with the Thales SafeSign suite of products.
About Thales
Thales is a leading international electronics and systems group, addressing defence, aerospace and security markets worldwide. Thales’s leading-edge technology is supported by 22 000 R&D engineers who offer a capability unmatched in Europe to develop and deploy field-proven mission-critical information systems. To this end, the group’s civil and military businesses develop in parallel and share a common base of technologies to serve a single objective: the security of people, property and nations. The group builds its growth on its unique multi-domestic strategy based on trusted partnerships with national customers and market players, while leveraging its global expertise to support local technology and industrial development. Thales employs 68,000 people in 50 countries with forecast 2007 revenues in excess of € 12 billion.
The Security Solutions & Services Division, operational since 5 January 2007, combines the businesses of Thales’ former Security and Services divisions with those of Alcatel-Lucent’s Transport Systems Division and Integration & Services Division. Our security solutions and services activities around the world now generate revenues of about 3.2 billion euros, with a 20,000 employees in 35 countries.
About the e-Security activities
Thales is a world leader in the provision of cryptographic security products and solutions for all critical infrastructures including governments, the military, satellite networks, enterprises and the finance industry. Thales has 40 years of unrivalled track record in protecting networks up to TOP SECRET and a complete portfolio of products, which includes network encryption, access control and remote user solutions. In the financial world, Thales secures value bearing transactions, data preparation for card and PIN issuing, and provides advanced user and message authentication solutions supported by secure identity management and token issuing. Over half of the world’s banks, together with the majority of the busiest exchanges, currently use Thales technology and services.
Press Contacts
Thales, Security Solutions & Services
Sarah Milligan
Tel. +44 1 844 204 181
sarah.milligan@thales-esecurity.com
Hotwire, Press Agency
Suzanne Hewitt
Tel.
+44 (0) 20 7608 4655
suzanne.hewittt@hotwirepr.com
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