24 April 2014

PCarroll

Pat Carroll - ValidSoft

69 | posts 243,877 | views 37 | comments

Online Banking

This community is for discussion of developments in the e-banking world, including mobile banking. This can include all the functional, business, technical, marketing, web site design, security and other related topics of Internet Banking segment, including public websites of the banks and financial institutions across the globe.

Problem, what problem?

27 September 2011  |  3330 views  |  1

It’s amazing. Zeus malware is now affecting 60,000–100,000 unique Windows computers a month, according to Microsoft. But more amazing – at least to me – is how many people aren’t aware of the problem.

Speaking about payments security at a recent event, I was struck by the fact that many company executives in the audience were unaware of the sheer scale and sophistication of financial fraud. If you have been involved in the anti-fraud world for some time, cases like Zeus malware are well known – the discussion is all about the latest fraud vectors and the necessary mitigating factors to defeat them.

But perhaps we are going too fast. The anti-fraud software industry has to educate potential corporate buyers about the scale and impact of real-world examples like Zeus, and its mobile derivative Zitmo, as a first fundamental step to solution take-up. As in any industry, if you don’t realise the existence of a problem, you aren’t going to implement a solution.

A key component is education and awareness, best served by taking the debate to the wider media, and showing the customers of financial services companies that there is problem, as well as a solution. When customers begin to ask, say, their current account provider about  online security, the battle to educate providers about the problem will be half won. Then we can get on with implementing solutions to fix it.

 

TagsSecurityOnline banking

Comments: (1)

Christopher Mc Carthy - SunGard - Zurich | 29 September, 2011, 15:08

Had never heard of zitmo, thanks for that.

I get most of my  information aboiut Zeus from the RSA chappie who blogs here (total blank, cannot remember his name, no time to look for it).

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Pat

How do we achieve 'The Holy Grail' in contactless payments?

28 February 2014  |  1926 views  |  0  |  Recommends 0 TagsMobile & onlinePaymentsGroupInnovation in Financial Services

Malware , the Achilles Heel of Mobile Adoption

30 January 2014  |  2195 views  |  0  |  Recommends 0 TagsMobile & onlinePaymentsGroupInnovation in Financial Services

Customer Experience vs Strong Security: What's the Answer?

28 January 2014  |  1799 views  |  0  |  Recommends 0 TagsMobile & onlinePaymentsGroupInnovation in Financial Services

Predictions for 2014: Voice Biometrics Go Mainstream? Part 2

24 January 2014  |  2068 views  |  0  |  Recommends 0 TagsSecurityMobile & onlineGroupInnovation in Financial Services
name

Pat Carroll

job title

Founder/Executive Chairman

company name

ValidSoft

member since

2011

location

London

Summary profile See full profile »
Throughout his career, Pat has been at the forefront of industry thinking, representing organisat...

Pat's expertise

What Pat reads
Pat writes about

Who is commenting on Pat's posts

Andrew Smith
Ketharaman Swaminathan
Nigel Beatty