Article submitted by: Administrator | Publish date: 7. September, 2011
Related topics: IronKey
 

Online banking is facing an unprecedented crime wave and the battle is being lost not inside the banks’ own systems but at the industry’s most vulnerable point - the banking customer’s PC.

IronKey Chairman Dave Jevans Presents to Financial and Operations Executives on Crimeware, Today’s Most Serious Threat to Online Banking


Online banking is facing an unprecedented crime wave and the battle is being lost not inside the banks’ own systems but at the industry’s most vulnerable point -- the banking customer’s PC. To explain why and what needs to be done, Dave Jevans, chairman of IronKey and the Anti-Phishing Working Group (APWG), is addressing financial and operations executives from leading banks at two events. Today, Jevans will present to a Texas-based user group of Jack Henry clients, the Silverlake User Group. Then, on Wednesday, August 17th, Jevans will be speaking at the Infragard Information Security, Infrastructure Protection, & Law Enforcement Conference at Kennesaw State University near Atlanta.

Jevans will explain the increasing sophistication of financial malware and cyber criminals, as well as how online banking attacks work, why anti-virus software, firewalls and other conventional countermeasures are not stopping them and what needs to be done about it.

“It’s important that banks understand how financial malware such as ZeuS, SpyEye, Sunspot, OddJob and others work, and how they can go undetected,” said Jevans. “In light of the new FFIEC guidelines for online banking authentication that go into effect in January 2012, banks need to act now to better protect themselves and their clients from these potential threats at the customer’s own PC.”

Research firm Gartner Inc. is now recommending banks put their first layer of online security at their customers’ PCs. One such product is IronKey’s Trusted Access for Banking, which provides a secure Web browser protected in a fully virtualized, read-only environment tailored to protect online transactions from known and unknown crimeware. The FFIEC Internet banking guidance calls for multiple layers of security controls to prevent fraud and importantly, the guidance identifies the IronKey Trusted Access design as one of the five relevant and effective controls cited for preventing fraud.

According to Gartner, crimeware designed to takeover online banking accounts and steal money is now the most significant threat concerning U.S. banks.1 A staggering 25% of computers, according to latest reports from the Anti-Phishing Working Group (APWG), are infected with banking Trojans such as ZeuS and SpyEye and used by criminals to take over online bank accounts and steal millions from businesses and municipalities. In just one recent crime, the FBI is searching for suspects based in China near the Chinese-Russian border believed to have stolen over $20 million from U.S.-based online business bank accounts during March and April 2011.2

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1“The Five Layers of Fraud Prevention and Using Them to Beat Malware,” Gartner, April 2011
2FBI, April 2011 - http://www.ic3.gov/media/2011/ChinaWireTransferFraudAlert.pdf



  

 

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