March 5, 2013

Trusteer boss harps on cyber security to prevent financial fraud

BY Emeka Aginam

The channel manager of the global leader in financial fraud prevention solutions, Trusteer, Amit Wohl  has said that the range of service solutions in its offering will help financial institutions protect their businesses and retain banking customers against account takeover, credential theft and fraudulent transactions.

Amit who was speaking to journalists at the just concluded  one-day seminar for members of banking industry and other financial institutions on cyber prevention organized by  Trusteer and its Distributor, DataGroupIT  in Lagos said that  owing to the increasing online presence of  financial transaction,   Nigeria banks  have become easy target  and therefore requires protection to avoid becoming victims of malicious malware attack.

“The banks are more vulnerable to malware attacks now than many years back, our job is to protect banks against financial malware; we developed a very successful intelligence collecting capability to ensure proper analysis, detection and blockage,” he said.

While expressing confidence in Nigeria’s financial sector, he noted that the sector was characterized by huge economic activity,  online banking that is up and running, robust regulatory framework that makes the sector very viable.

He  said that  phishing is another challenge that banks and other companies with heavy online presence face in today’s technological driven economy, stating that Trusteer prevent phishing  through a real time detection notification to the bank.

He explained that  Trusteer solutions are easy to deploy, requiring minimal integrations process hence it is appropriate for quick adaption and adoption for new customers.

Giving details of some of the products in the bouquet of his company’s portfolio Amit said, “We have Trusteer Pinpoint. This detects malware infection on endpoint online banking site. It identifies the specific malware kit, the targeted banks and attack type in real time without requiring software installation on the endpoint”.

According to him, the Trusteer Rapport, another product in its offering, locks down the browser to prevent malicious web page injection designed to social engineer victims into surrendering personal information or approving fraudulent transactions.

He said that mobile devices require adequate protection since it has become the commonest means of online access. He stated that Trusteer Mobile Banking Fraud Prevention solution was designed to protect mobile devices against malware, detect and alert on malware infection and device risks. “It also protects against pharming and enforces secure online banking browsing,” he said.

Describing Trusteer as essentially cloud service offering, Amit said his company has a global footprint with over 300 enterprise customers around the world.

The event had in attendance of representatives from all banks and a session of testimonials from some Trusteer customers including ECOBANK and Diamond Bank