RSA Security is spinning out its Fraud & Risk Intelligence business into a new standalone company called Outseer. The new organization will be led by CEO Reed Taussig.
Outseer said it 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 are being renamed to match Outseer's new corporate identity.
Outseer said 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 the company said delivers 95% fraud detection rates.
Payments fraud and risk tend to receive less public attention than topics such as ransomware and cybersecurity, but 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.
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.
"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," said Taussig. "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 $2.1 billion.