RSA Security will spin out its Fraud & Risk Intelligence division into a new stand-alone company called Outseer, which will continue to provide anti-fraud and payment security tools in a newly established portfolio.
Outseer will be led by CEO Reed Taussig, who was appointed CEO of RSA's Anti-Fraud Business Unit late last year. As a self-directed company with its own identity, Outseer will continue to offer RSA Security products in a portfolio that will be rebranded as part of the transition.
These include account monitoring tool Outseer Fraud Manager (formerly called RSA Adaptive Authentication), digital payments authentication tool Outseer 3-D Secure (formerly called RSA Adaptive Authentication for eCommerce), and Outseer FraudAction (formerly called RSA FraudAction), which detects and provides data on phishing sites, malicious apps, and fake social media pages.
The news follows a year of massive growth in ecommerce as the world relied on virtual transactions during the COVID-19 pandemic. Research shows more than half of consumers in the US were using contactless payment, which require no physical contact between the payment device and a physical terminal, by July 2020. Thirty percent had adopted contactless card options such as a mobile wallet or app.
During this time, cybercriminals followed suit with a range of attacks targeting financial institutions, payment networks, and consumers. Last summer, the FBI warned of an increase in fraudulent websites that emerged to take advantage of online shoppers during the pandemic. Shortly after, thousands of ecommerce sites running outdated software spins fraud intelligence
