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News

Customer Protection From Trojans A Priority For Banks

Gemalto : 25 October, 2010  (Technical Article)
Gemalto comments on the responsibility of the banking industry to do more to protect its customers from increasing cyber-crime threats as demonstrated by the latest iteration of the Zeus Trojan as revealed by APWC research efforts
Commenting on the latest development on the Zeus Trojan, Aiyapan Sivadassan, UK Business Manager for e-banking, digital security provider, Gemalto, said: "News that APWC researchers found that phishing criminals have ditched the technique in favour of the Zeus password-stealing Trojan could spark a huge cyber crime wave affecting millions of individuals.

Banks and authorities must go the extra mile in protecting consumers through education on how to identify threats and how it can be prevented through the use of strong authentication devices that are available for online banking.

Phishing scams thrive on customer lack of knowledge, while Trojans silently steal e-banking login and password information without the end user realising it. Strong authentication solutions, already in use by banks such as Nationwide and Barclays, can prevent this type of fraud by utilising a digital transaction signing feature. This enables banks to detect Trojan activity and attacks and intercept immediately to reduce the risk of fraud.

This strong authentication method has already shown to significantly reduce online fraud in the UK. Thanks to innovative technology such as two factor authentication signatory features, banks could prevent both phishing and trojans fraud attacks altogether.

Cybercriminals are evolving rapidly and are using increasingly more sophisticated technology and the threat is far greater as a result. Banks and governments must work closely together to educate individuals on how best to protect their data while also equipping them with the right tools."
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