Banks, Consumers Losing the Battle with Online Fraud while Unsecured Computers are Allowed to Access Banks during Online Transactions

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Current Security Solutions like Two Factor Authentication currently deployed by the Banks are intrusive and not user-friendly and do not provide protection against trojan or man in the middle attacks against the home user's computer. TrustDefender has developed a technology to overcome this problem.

With the bad guys now spoofing two-factor authentication solutions (see 1,2) offered by banks around the world, we are continuing to see the appearance of more sophisticated and undetectable Trojans which bypass the leading Anti-Virus Solutions, including the supposedly impenetrable Firewalls (3). This is a issue that Consumers and Banks need to be concerned about to ensure the security and privacy of our banking and other personal information from unauthorized access. The Banks, Government, Corporate entities and even the Consumer will continue to lose the battle to secure their private, confidential and financial information without a major change in their approach to online security.

Consumers are now being burdened with the need to carry a mobile phone for SMS and various multifactor token devices for each Bank provider they have an account. They are being forced to pay for this either up front or in a combination of growing fees -- to pay for security of their account details. On the other hand, banks have to live with the increased risk burden of the ever-increasing level of online fraud and cost due to unsecured end-user computers accessing their networks.

Now the question being asked is who should bear the cost of Phishing losses, the bank or the customer (4)? Well, back in 2004 the UK trade association for banks, known as APACS, began warning that financial institutions may stop covering losses from customers who have ignored safety warnings and executives of APAC even made statements that where a customer had "not acted with care and been negligent", banks in three or four years' time could begin refusing refunds. (5)

The current approach to online transaction security is not working; it is intrusive, costly and neither user-friendly nor practical for consumers.

TrustDefender has developed the TrustDefender Enterprise Server primarily focused on the needs of Banks and their Customers. With the upcoming release of the TrustDefender Enterprise Server, this solution allows Banks to integrate end-user computers unobtrusively into the security chain, removing the dangers of unknown Viruses, Rootkits, hidden Trojans and preying criminal eyes from accessing ‘Confidential’ Personal Details, Online Banking and even valuable Corporate Details. TrustDefender enables Banks to manage their customer risk profiles more assertively by locking out unknown applications at what is today the weakest point in the security chain -- the consumer’s own computer. TrustDefender also frees the consumer from the need to carry around a burdened hip pocked of token devices for each Bank or worry about whether they have their cell phone to receive SMS messages when they wish to carry out a transaction.

Co-founder of TrustDefender Ted Egan said today: “The latest viruses and Trojans have proven that the end-user’s computer is the weakest link in the security chain. At the moment, banks are trying to solve the problem by introducing new security systems like SMS or two-factor authentication tokens. But the main problem is still unsolved, the bad guys are still able to deliver new features in their Trojans that will defeat the new security “improvements” within a couple of months! With the TrustDefender Technology, Banks can solve the root cause of identity theft: the end-user’s computer.”

Egan continues: “Customer confidence in the security of their confidential transaction and account details has paramount importance in our approach to affordable Online Security. Therefore, TrustDefender’s Enterprise Server takes security one step further to be fully inclusive of the Customer Computer, allowing Banks and Financial Institutions to assess the risk profile of that computer accessing the network during an Online Transaction. This new service provides a new level of protection meaning the customer’s identity and confidential information is protected whenever and wherever they are carrying out a transaction. The services features provide a level of service that ensures it locks out all unknown applications such as Rootkits, Trojans and Viruses and dangerous Bots, which may be hiding on their computer today. The Enterprise Server uses the “Safe & Secure mode” to lock out those unknown dangerous applications and, as with our previous release of TrustDefender Gold, TrustDefender compliments existing security solutions such as the Anti-virus Vendor Software or Firewalls when they fail to stop unwanted intruders.”

We invite Banks and Financial Institutions to contact us and discuss how the TrustDefender Enterprise Solution can meet the needs of the Bank and their customers today and long into the future.

(1) http://blog.washingtonpost.com/securityfix/2006/07/citibank_phish_spoofs_2factor_1.html    
(2) http://www.theregister.co.uk/2006/03/24/trojan_captures_token/
(3) http://businessnetwork.theage.com.au/articles/2006/07/13/5250.html#
(4) http://news.netcraft.com/archives/2006/09/13/bank_customers_spar_over_phishing_losses.html
(5) http://news.bbc.co.uk/1/hi/business/4009779.stm

Try TrustDefender today

TrustDefender invites you - and all Internet users -- to try TrustDefender today -- free of charge. Available as a free download from http://www.trustdefender.com, TrustDefender is now the Gold Standard for Internet security.

For more detailed information, please read through the TrustDefender Whitepaper at http://www.trustdefender.com/whitepaper or view the live demonstration at http://www.trustdefender.com/movies/trustdefender.

Media Contact:

Ted Egan

Ph: +61 419 666 305

About TrustDefender

TrustDefender is the leading provider of ‘On Demand Endpoint Security Solutions’ to safeguard Online Business Transactions. With its GAP Protection, TrustDefender is able to guarantee the Authenticity of a Website. The Secure Lockdown, the Safe & Secure Mode, the Two Factor Authentication and the TrustedSurfing Database complete the holistic Security Solution. The Secure Policy Engine allows Online Businesses to educate and enforce Compliance of a Home User’s PC to their Security Policies. TrustDefender is the world’s first Security Solution for Online Businesses to integrate the Home User’s PC into the overall Security Solution. TrustDefender was founded in 2005 and is based in Sydney, Australia.

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Ted Egan
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