eBankSafe Protects Banks from Cybercrime
Burnsville, MN (PRWEB) December 27, 2012
Even though financial institutions have invested significant time and resources into establishing a secure online banking environment, cybercriminals have found a way to bypass that security by exploiting the more vulnerable computers of account holders.
The threat is so serious that corporate account takeover a type of business identity theft in which cybercriminals gain access to online banking credentials and fraudulently wire money out of the account tops the Federal Deposit Insurance Corporations fraud threats list. According to Aite Group, corporate account takeover cost corporations more than $ 400 million in 2011, a number that is expected to grow 94 percent by 2016.
To protect banks and their customers, Total Networx has launched eBankSafe. The tool installs a secure browser on an account holders machine that provides focused protection for online banking sessions.
In order to effectively combat corporate account takeover and electronic wire fraud, banks need to implement effective controls at the account level, said Ryan Elmer, Total Networx account manager. This is what protects the transaction at its weakest point on the customers computer. The best approach to online security is to assume that the PC is infected and take the necessary steps to render malware inoperable during the banking session.
The eBankSafe secure browser uses a type of sandbox technology which protects the browser and data entered into it from infections on the computer. To do this, it effectively blocks all potentially dangerous activities except those expressly needed for the transaction. In tests, even when malware such as Zeus has been installed on the computer, the malware was unable to interfere with the banking transaction.
Unlike other tools, the technology uses patented technology to make itself tamperproof and cannot be bypassed by hackers providing impenetrable protection against malicious agents including: