Standard Bank is the first South African Bank to provide its customers with free anti-phishing software that also protects against online fraud by malware.
The new software will protect Standard Bank customers from divulging sensitive financial details to unscrupulous third parties when banking online.
Standard Bank has responded to customer needs with the introduction of Rapport anti-phishing software. Standard Bank believes that in making the software available free of charge to Standard Bank customers it will provide customers with a secure online transaction platform. Standard Bank customers will be able to go to Standard Bank Online Banking safe in the knowledge that they are being protected by one of the latest generation anti-phishing software.
Itumeleng Monale, Standard Bank Director of Self Service Banking says: "Phishing globally costs customers and the financial industry billions of rands annually. While financial institutions like Standard Bank have spent a great deal of time on consumer education and internal mechanisms to secure our systems, customers still find themselves out of pocket when defrauded by unscrupulous fraudsters over the Internet when responding to phishing e-mails. Standard Bank believes that with the introduction of the free Rapport secure browsing software it has provided our customers with an effective mechanism that will help prevent them from divulging sensitive and personal financial information to third parties over the Internet."
In 2009 there were a total of 500 000 unique phishing sites identified on the Internet with an average of 294 financial institutions targeted globally. South Africa has not been immune to phishing threats on the Internet with instances of phishing growing exponentially over the past few years.
The Rapport software is provided by Trusteer, the leading provider of secure browsing services and will ensure greater security for customers when performing sensitive financial transactions online. The 'Rapport' software is used by international banks to secure over 6 million customers' browsers from financial malware attackrowserare attackrowsers from financial malware attacks and fraudulent websites.
Monale says: "The new Rapport software strengthens customers' online security by 'locking down' the connection between their computer, and Standard Bank's Internet Banking site. The software warns customers if being directed to counterfeit sites, so our customers can be safe in the knowledge that they are transacting on the genuine Standard Bank site and not on a bogus site."
Conventional security software blocks known attacks, but can't keep up with sophisticated new ones. The Rapport online banking security software provided by Standard Bank can detect new threats where conventional applications like anti-virus software often fail to detect a phishing threat. The new software also has the ability to inform Standard Bank of potential bogus sites so that the bank's security division can take the necessary proactive steps to stop the attempted fraud.
"Standard Bank sees the introduction of the secure browsing software as a major step forward in assisting customers with safe and secure online banking. Very often customers have little recourse in claiming funds back from banks if they have compromised their personal financial details over the Internet. Standard Bank believes that the introduction of Trusteer's Rapport secure browsing software will greatly reduce customer exposure to online threats like phishing," says Monale.
Customers can download the free 'Rapport' secure browsing software from the Standard Bank Online Banking website.
What is Phishing?
• Phishing is the act of sending an email claiming to be an established legitimate organisation in an attempt to elicit private information that will be used to commit fraud.
• Customers will receive an email that either:
- Requests them to update their personal details;
- Notifies them of a message waiting for them; or
- That there have been security upgrades
• The email will contain a URL to a website that is hosting a fraudulent copy of an Internet Banking log on page.
• Usually, additional information is also requested, such as cellular phone numbers, ID numbers, ATM PINs and "One Time Passwords"
We need to reemphasise that your bank will never request your secret credentials!