22 March 2018
Pat Carroll


Pat Carroll - ValidSoft

79Posts 350,418Views 40Comments
Online Banking

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  |  3863 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.



Comments: (1)

A Finextra member
A Finextra member | 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).

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Latest posts from Pat

Security by Obscurity is the key!

27 January 2015  |  4152 views  |  0 comments | recomends Recommends 0 TagsSecurityTransaction bankingGroupInformation Security

Chip and Signature, a Paradise Lost

28 October 2014  |  5430 views  |  2 comments | recomends Recommends 1 TagsCardsPaymentsGroupDisruption in Retail Banking

Payment Card Data Theft At The POS - Time To Knuckle Down

13 October 2014  |  5216 views  |  1 comments | recomends Recommends 0 TagsSecurityPaymentsGroupInnovation in Financial Services

More Channels, More Payment Options, More Fraud

23 September 2014  |  2510 views  |  0 comments | recomends Recommends 0 TagsMobile & onlinePaymentsGroupInnovation in Financial Services

iHack Hastens Call for Multi-factor Authentication

05 September 2014  |  3895 views  |  1 comments | recomends Recommends 0 TagsSecurityPaymentsGroupInformation Security

Pat's profile

job title Founder/Executive Chairman
location London
member since 2011
Summary profile See full profile »
Throughout his career, Pat has been at the forefront of industry thinking, representing organisations on industry bodies and leading participation in industry initiatives. At ValidSoft, he leads the R...

Pat's expertise

Member since 2011
79 posts40 comments
What Pat reads

Who's commenting on Pat's posts