Stopping Online Account Fraud

Online banking platforms have been implemented as a more efficient channel for banking transactions. However, these web-based applications are exposed over the Internet making their users an appealing target for mal-intended individuals.

Security for online banking primarily uses encryption—a form of invisible coding and firewalls to protect information from third parties. Typically, a password and personal identification number are required to login to an online bank account. Most banks offer additional protections, such as automatically logging off of their site after several minutes of inactivity or when you leave the site without logging out of your online bank account.

Reputable banks have security measures in place to secure both the personal and financial data stored in online accounts. However, data security is a serious concern for both banks and consumers, especially following a reported rise in identity theft over the past few years. Banks are constantly challenged to implement anti-fraud measures to protect financial accounts from a host of potential security breaches.

As malware and cybercrime attacks, increasingly targeting small to mid-size businesses, online account fraud is becoming a major problem for commercial banks. There have been discussions and even pending lawsuits to determine whether the responsibility for providing adequate security and loss recovery lies with the banks or the enterprises.

SafeCentral’s WebProtection™ for Commercial Banking authenticates participants and combines a locked-down desktop with a certified, encrypted connection to make online banking as safe as possible: 

• Actively protects desktop PC from malicious agents (such as keyloggers and screen scraping trojans) by intercepting the low-level Windows commands that allow those agents to function
• Rescues the user from the perils of the local network (Wi-Fi, man-in-the-middle attacks) by establishing an encrypted, certificate guaranteed link with a secure DNS server
• Routes the user to the bank’s site directly through secure DNS
• Provides visual cues with a locked down desktop, simplified browser, and cooperation with existing authentication methods (Site Key, certificates, etc.) to thwart phishing and other attacks
• Prevents application tampering by restricting application execution privileges
• Operates independently of signatures or databases, ensuring up-to-date protection at all times
• Integrates seamlessly with traditional desktop security measures (e.g., anti-virus, anti-spyware, etc.) and existing authentication schemes with little or no effort
• Can protect any type of financial online transaction, including banking, online trading, tax filing and the like

To learn more, sign up for SafeCentral’s Commercial Banking Webinar on Stopping Online Account Fraud, on Wednesday, March 23, 2011 at 2:00 p.m. Hosted by SafeCentral’s CTO Ray Dickenson. The webinar will discuss the following:

• New areas of risk for your customers
• How cybercriminals are getting access to retail and wholesale banking customers' accounts
• How you can proactively stop malicious attacks

SafeCentral’s WebProtection™ is a one-time install application that actually assumes that your machine is already infected with malware and ensures that the information on your computer stays secure. WebProtection™ interprets and intercepts over 5,000 discrete Windows commands and effectively blocks all potentially dangerous activities except those processes needed for the transaction. Learn more about how it actually works and how it keeps your information safe at www.SafeCentral.com.