eBankSafe Protects Banks from Cybercrime

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New tool from Total Networx stops cybercriminals from bypassing online security

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 Corporation’s 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 holder’s 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 customer’s 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:

  •     Account takeover
  •     Zero-day malware
  •     Keylogging
  •     Fund transfer fraud
  •     Screen scraping
  •     DNS compromise and redirection
  •     Identity theft
  •     Man-in-the-middle attack
  •     SSL hijacking
  •     HTML form spying
  •     Password theft
  •     Session takeover
  •     Registry, process or file tampering

“With attacks against small to medium-sized businesses doubling in the first six months of this year, it’s critical to use more than just anti-virus software,” said Elmer. “Taking a hands-off approach to breaches on customer networks won’t protect banks from liability, but eBankSafe can stop those losses from happening in the first place.”

eBankSafe is available now through Total Networx at $10 per month/workstation for commercial accounts. A scaled version is available to retail banking customers at $40/year.

About Total Networx (http://www.totalnetworx.com)
Total Networx is an IT security company based in Burnsville, Minn. The company’s services include: network architecture and maintenance, virtual security, disaster recovery and business continuity planning, e-mail, virtualization, mainframe installations, email, messaging and collaboration, remote storage, virtualization and more.

Media contact: Brant Skogrand, KC Associates, LLC, brant(at)kc-associates(dot)com, 626.756.4763

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Brant Skogrand, APR, MBC
KC Associates, LLC
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