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    Barclays: Quarterly Security Meeting

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    Moiz Saifuddin Halai
    Barclays faces the problem of increased online banking fraud. Their current login process is vulnerable because it relies on information available on customers' cards. Barclays has now changed to require a secret password in addition. However, fraud losses still increased 14% in the past year. To address this ongoing threat, Barclays is considering strategies like PINsentry and partnering with Actimize, an industry-leading transaction monitoring provider. Partnering with Actimize would allow Barclays to implement advanced monitoring technologies to better detect and prevent fraud across channels while improving customer satisfaction with added authentication steps.

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    Barclays: Quarterly Security Meeting

    Uploaded by

    Moiz Saifuddin Halai
    187 views19 pages
    Barclays faces the problem of increased online banking fraud. Their current login process is vulnerable because it relies on information available on customers' cards. Barclays has now changed to require a secret password in addition. However, fraud losses still increased 14% in the past year. To address this ongoing threat, Barclays is considering strategies like PINsentry and partnering with Actimize, an industry-leading transaction monitoring provider. Partnering with Actimize would allow Barclays to implement advanced monitoring technologies to better detect and prevent fraud across channels while improving customer satisfaction with added authentication steps.

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    Barclays faces the problem of increased online banking fraud. Their current login process is vulnerable because it relies on information available on customers' cards. Barclays has now changed to require a secret password in addition. However, fraud losses still increased 14% in the past year. To address this ongoing threat, Barclays is considering strategies like PINsentry and partnering with Actimize, an industry-leading transaction monitoring provider. Partnering with Actimize would allow Barclays to implement advanced monitoring technologies to better detect and prevent fraud across channels while improving customer satisfaction with added authentication steps.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    187 views19 pages

    Barclays: Quarterly Security Meeting

    Uploaded by

    Moiz Saifuddin Halai
    Barclays faces the problem of increased online banking fraud. Their current login process is vulnerable because it relies on information available on customers' cards. Barclays has now changed to require a secret password in addition. However, fraud losses still increased 14% in the past year. To address this ongoing threat, Barclays is considering strategies like PINsentry and partnering with Actimize, an industry-leading transaction monitoring provider. Partnering with Actimize would allow Barclays to implement advanced monitoring technologies to better detect and prevent fraud across channels while improving customer satisfaction with added authentication steps.

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    Barclays

    Quarterly Security Meeting


    BARCLAYS: COMPANY PROFILE

    • Barclays PLC (Barclays) is a leading global financial


    services provider.
    • Provides commercial banking, investment banking,
    wealth management, and investment management
    services. 
    • International: Europe US Africa Asia.
    • 48 million customers.
    • Headquartered in London.
    • 78,000 employees.
    • UK retail banking side: 14 million accounts servicing
    566,000 customers.
    • Barclays has 800 international branches.
    BARCLAYS: STRENGTHS

    • Widespread presence, allowing it to spread


    • Well-established historically
    • Barclays is associated with innovation: First credit card
    in 1966
    • The opening of several new branches with a
    refurbishment programme
    BARCLAYS: WEAKNESSES

    • Bank does not plan to pay dividend on its shares,


    making them less attractive to investors
    • Reduction in the banks branches
    • Weak Private Clients performance
    BARCLAYS: OPPORTUNITIES

    • Strategy of offering a full portfolio of


    services worldwide
    • Asia is an opportunity for Barclays
    expansion
    • Barclays see self-provision as an
    increasing trend
    Sam and Yazan

    BARCLAYS: THREATS
    • Wide range of services, customers may prefer a more specialised approach
    • Barclays acquired a reputation for closing branches because of a high
    incidence of this in 2000, and competitors have been able to position
    themselves as more consumer-friendly through a strategy of keeping branches
    open
    • The Asia expansion is seen as risky given that Barclays are in a less strong
    position than banking industry leaders regarding capitalisation, and this may
    detract investors
    • Banking fraud losses have increased in recent years leaving Barclays
    vulnerable to losing money
    PROBLEM BARCLAYS IS FACED WITH

    Barclays has tightened up the security of its mobile banking service after it was identified
    as being weak and a risk to data protection.

    Although it was not easy for people to have money stolen, people whose card details were
    seen by third parties could have their banking transactions exposed to prying eyes.

    The problem affected the Barclays.Mobil web link which connects customers to pages
    designed to be viewed on mobile phones.

    The site allows users to view their financial transactions if they answer four basic security
    questions.

    Three of the answers are available on the card itself. These are surname, 16-digit account
    number and three-digit security code. The other question is the customer's date of birth.
    PROBLEM BARCLAYS IS FACED WITH

    • Three of the answers are available on the card itself. These are surname, 16-digit account
    number and three-digit security code. The other question is the customer's date of birth.

    Barclays has now changed the logging on process to include a secret password.

    We are making some changes to the instant and basic access functionality for
    online/mobile banking as part of the ongoing development of the online banking service.
    Customers will now need to opt in to enable instant or basic access as an option on their
    account and will need to select a memorable word as an added layer of security.

    Banking fraud losses increased by 14 percent to £59.7 million last year.

    • This represents an increase of £7.2 million in online banking fraud losses compared with
    2008 (£52.5 million).
    PROBLEM BARCLAYS IS FACED WITH

    The Facts
    14% Increase In Fraud

    2010
    2009
    42,642,857
    59,700,000
    PROBLEM BARCLAYS IS FACED WITH

    The Facts
    60,000,000

    50,000,000

    40,000,000

    30,000,000 2007
    2008
    20,000,000 2009/10

    10,000,000

    0
    2007
    2008
    2009/10
    PROBLEM BARCLAYS IS FACED WITH

    • From 2007 through to 2009/10, we can see a


    drastic increase rising to approximately 16%
    Rishi

    BARCLAYS’ CURRENT STRATEGIES

    • Online banking guarantee


    • PINsentry
    • Free internet security software
    • Barclays system security
    • Identity protection insurance: Identiguard
    • Online advice for Barclays’ customers
    Rishi

    STRATEGY 1: PINSENTRY
    Rishi

    STRATEGY 1: PINSENTRY

    Advantages
    • Security
    • Customer Loyalty
    Rishi

    STRATEGY 1: PINSENTRY

    Disadvantages
    • Must have Bank Card and Card
    reader on you
    • Inconvenient
    Katie

    STRATEGY 2: ACTIMIZE

    Actimize – leading provider of transactional


    risk management software for the financial
    services industry.

     cross – channel surveillance


     detection
    Prevention

    Serves more than 200 clients. (top 10 global


    banks.)
    Katie

    STRATEGY 2: ACTIMIZE

    Implement :

     Verification system which uses an automated phone call


    to your online banking customers.
     It verifies the transaction they are making online to be
    genuine.
     Personal identification number to confirm and
    authorise.
    Katie

    STRATEGY 2: ACTIMIZE

    Advantages Disadvantages

     add security/minimise  fraud criminals jamming


    risk phone lines

     customer satisfaction,  if phone unavailable,


    safety and protection transfer, payment not
    (money is accounted and confirmed/authorised
    confirmed for.)
    Katie

    RECOMMENDATION: Actimize

    Based on the SWOT Analysis and research on these strategies,


    we recommend that Barclays chooses to implement Actimize.

    Our reasons for this are:

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